MANILA, Philippines—Publicly listed Rizal Commercial Banking Corp. (RCBC) announced that it will sell a minority stake in the Yuchengco-controlled financial institution to Sumitomo Mitsui Banking Corp. and use the proceeds of the transaction to boost its lending activities.
At an online briefing, RCBC president and CEO Eugene Acevedo said the Philippines’ eighth largest lender by assets will get P4.48 billion from Japan’s second largest bank in exchange for a 4.99 percent stake.
“The proceeds from the investment will allow the bank to finance the different requirements of key customers in the corporate, [small and medium enterprise] and consumer segments and expand the reach of i…
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