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.
