sale of an additional 15-percent stake amounting to P27 billion to Sumitomo Mitsui Banking Corp., a subsidiary of Sumitomo Mitsui Financial Group and one of the largest banks in the world.
The bank said in November 2022 the transaction would increase SMBC’s shareholdings in RCBC from 4.999 percent of the total outstanding common stock of the local bank to 20 percent. The investment in RCBC is in line with SMFG’s strategy to expand in select key Asian markets, including the Philippines, Indonesia, Vietnam and India.
RCBC reported a net income of P12.1 billion in 2022, up by 71 percent from 2021 on double-digit increases across its core businesses.
Source: Financial Digest (financialdigest.net)
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