Japan's Sumitomo Mitsui to take 5% stake in Philippine bank RCBC

Japan's Sumitomo Mitsui to take 5% stake in Philippine bank RCBC

Mandaluyong, Philippines. Photo by Eugenio Pastoral on Unsplash

Japan’s Sumitomo Mitsui Financial Group said it agreed to invest around 10 billion yen ($90.3 million) in Philippine bank Rizal Commercial Banking Corporation (RCBC), taking a 5% stake, as it looks for growth outside a slow-growing domestic market.

Bring stories like this into your inbox every day.

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