Japan's Sumitomo Mitsui to boost stake in Philippines' RCBC for $460m

Japan's Sumitomo Mitsui to boost stake in Philippines' RCBC for $460m

Photo: Pixabay

Japan’s Sumitomo Mitsui Financial Group Inc said on Wednesday it would buy an additional 15% stake in the Philippines’ Rizal Commercial Banking Corp (RCBC) for about $460 million.

The move is part of a drive by Japan’s second-largest lender to capture growth in Asian emerging markets through acquisitions, spurred on by limited business opportunities at home with ultra-low interest rates and an aging population.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter