Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has raised its stake in Rizal Commercial Banking Corp. (RCBC), acquiring an additional 4.46 percent equity interest worth P6.4 billion and boosting its total ownership to 24.46 percent.
RCBC said the latest investment underscores SMBC’s growing confidence in its performance and long-term strategy. SMBC, one of Japan’s leading financial institutions, is globally recognized for its strength in corporate banking, finance, and sustainable banking practices.
“This strengthened alliance provides greater momentum for us to accelerate digital transformation, advance sustainable finance, and deliver enhanced value to our clients and stakeholders,” said RCBC President and Chief Executive Officer Reginaldo “Reggie” B. Cariaso.
The Philippines remains a priority market for SMBC as it pursues growth opportunities across key emerging economies in Asia. Its strategic entry into the country began in June 2021 with a 4.99 percent investment in RCBC. That stake was expanded to 20 percent in July 2023, laying the groundwork for deeper operational and business collaboration.
Since then, SMBC and RCBC have worked closely across a broad range of businesses, spanning wholesale and retail banking, treasury services, and sustainable finance. The partnership has also fostered closer alignment in governance, risk management, and digital banking initiatives.
“We look forward to building on this momentum and continuing to accelerate the bank’s reach and impact, with innovation and customer empowerment at the core,” said SMBC President and CEO Akihiro Fukutome.
RCBC is currently the fifth-largest privately owned bank in the Philippines and has gained recognition for its advances in digital banking and environmental, social, and governance initiatives. It also operates the most extensive Japan Desk among local banks, reflecting its long-standing relationships with Japanese corporations.
With SMBC’s expanded stake, RCBC is expected to further strengthen its role as a key financial bridge between Japanese and Philippine businesses, while sharpening its competitive edge in digital, sustainable, and cross-border banking.
