TOKYO: Sumitomo Mitsui Financial Group has agreed to invest roughly 10 billion yen (US$90.3 million) in Philippine bank Rizal Commercial Banking Corporation (RCBC), taking a 5% stake, as it seeks development outside of its slow-growing home market. The Philippines is an important market for SMFG, Japan’s second largest lender by assets, which noted RCBC’s expertise in digital banking services.
The decision comes after the company said in April that it will invest up to 150 billion yen in FE Credit, Vietnam’s largest non-bank lender, as it seeks development outside of the country’s slow-growing home market.
(1 US dollar Equals 110.7000 yen)
This story has been resubmitted to remove the headline reference to Nikkei, which broke the story first.
(Taiwan Newsroom contributed reporting; Louise Heavens and Edmund Blair edited the piece.)
Reuters is the source of this information.
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