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Business deals

Japan's SMFG to buy 5% stake in Philippine bank RCBC

Financial group aims to expand presence in Asia and boost growth in digital banking

RCBC, the sixth largest private bank in the Philippines, has seen demand for lending to small and midsize enterprises increase amid the coronavirus pandemic. (Source photo by Reuters) 

TOKYO -- Japan's Sumitomo Mitsui Financial Group will invest about 10 billion yen ($90 million) in Rizal Commercial Banking Corp., a Philippines-based commercial banking group, Nikkei has learned. It aims to expand its footprint in Asia and accelerate growth in areas such as digital banking.

Sumitomo Mitsui Banking Corp., SMFG's main subsidiary bank, plans to acquire approximately 5% of RCBC's outstanding shares. RCBC expects to use the funds to invest in digitalizing its banking operations.

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