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RCBC completes sale of 15 pct share to Japan-based bank

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="RCBC branch in Manila on Jan. 25, 2023. George Calvelo, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/02/27/rcbc.jpg"/><figcaption>RCBC branch in Manila on Jan. 25, 2023. <em>George Calvelo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA -- RCBC on Monday announced the completion of the sale of an additional 15 percent stake to Japanese-based bank Sumitomo Mitsui Banking Corporation.</p><p>The Yuchengco-led firm says the P27 billion capital infusion will boost its growth trajectory in its core businesses.</p><p>RCBC president and chief executive officer Eugene Acevedo said the partnership will help the bank speed up its digital transformation and promote &quot;disruptive banking solutions.&quot;</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/28/21/japans-sumitomo-mitsui-to-take-5-pct-stake-in-rcbc">Japan&#x27;s Sumitomo Mitsui to take 5 pct stake in RCBC</a></li></ul><p>RCBC has a P1.17 trillion balance sheet and a loan portfolio of P588 billion as of June 30. The bank was the first in the Philippines to establish a Japan desk in 1974. </p><p>RCBC said its net income for 2022 reached P12.1 billion.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/27/23/rcbc-says-net-income-up-71-pct-in-2022">RCBC says net income up 71 percent in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/07/26/23/filinvest-land-buys-rcbc-subsidiaries-in-cavite">Filinvest Land buys RCBC subsidiaries in Cavite</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/oJz9g7wyE0Q?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

RCBC on Monday announced the completion of the sale of an additional 15 percent stake to Japanese-based bank Sumitomo Mitsui Banking Corporation.