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Business deals

Japan's SMFG boosts stake in Philippine bank RCBC for $460m

Fresh investment will gain a 20% share in country's sixth-largest lender

SMFG and RCBC will partner in digital banking and other areas. (Photo by Koji Uema)

TOKYO -- Japan's Sumitomo Mitsui Financial Group will invest around 27 billion Philippine pesos ($464 million) in Rizal Commercial Banking Corp. to raise its stake to 20%, in its latest grab for growth in Southeast Asia.

The Japanese group's core unit Sumitomo Mitsui Banking Corp., which acquired a 4.99% interest in RCBC last year, will subscribe to a share offering by the Philippine lender.

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