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)

Nikkei staff writers

June 28, 2021 18:00 JST

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.