GMA News
Sumitomo Mitsui invests P6.4B to raise RCBC stake
Japanese financial giant Sumitomo Mitsui Banking Corp. (SMBC) has increased its ownership in Rizal Commercial Banking Corp. (RCBC) to 24.46% after acquiring an additional stake for P6.4 billion.
This investment reflects SMBC's confidence in RCBC's performance and strategic direction, especially after RCBC reported a 32% increase in its consolidated net income to P8.2 billion for the first nine months of the year.
RCBC President and CEO Reginaldo Cariaso stated that the strengthened alliance will accelerate digital transformation, advance sustainable finance, and deliver enhanced value to clients and stakeholders.
SMBC first invested in RCBC with a 4.99% stake in June 2021, increasing it to 20% in July 2023 before this latest acquisition.
SMBC President and CEO Akihiro Fukutome expressed anticipation in building on this momentum to accelerate RCBC's reach and impact through innovation and customer empowerment.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
