SMBC boosts stake in RCBC with P6.4-B investment

MANILA, Philippines – Japan’s Sumitomo Mitsui Banking Corp. (SMBC) has increased its stake in Rizal Commercial Banking Corp. (RCBC) by 4.46 percent for P6.4 billion, lifting its total ownership in the Philippine bank to 24.46 percent. In a statement, RCBC said the investment underscores SMBC’s confidence in the bank’s performance and strategic direction.  READ: Core