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RCBC says to get P27 billion capital infusion from Japan's Sumitomo Mitsui

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<p>MANILA - Rizal Commercial Banking Corp on Thursday said it has approved the increase in shareholding of Japan&#x27;s Sumitomo Mitsui Banking Corp (SMBC) to 20 percent from 4.999 percent through an investment amounting to P27.126 billion. </p><p>The deal involves the combined sale and subscription of an aggregate 382,057,224 common stock to SMBC. New common stock was priced at P71 per share, RCBC told the stock exchange.</p><p>RCBC said the investment is part of its capital raising plan to support long-term sustainable asset growth as well as technology, cyber security and human resources.</p><p>Proceeds will allow the lender to expand in key segments such as corporate, SME, consumer, and retail markets as well as its digital plans, among others, it said.</p><p>&quot;The transaction is expected to result to a stronger partnership, with RCBC and SMBC stepping into significant opportunities for synergy and collaboration,&quot; RCBC said. </p><p>Meanwhile, the bank reported a net income of P10.1 billion for the first 9 months of 2022 which is 88 percent higher compared to the same period last year.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/15/21/rcbc-net-income-at-p53-billion-in-first-9-months">RCBC says net income at P5.3 billion in first 9 months, accelerates digital shift</a></li>	<li><a href="https://news.abs-cbn.com/business/06/29/21/rcbc-plans-apply-digital-bank-license">RCBC eyes digital banking license to boost profits, official says</a></li>	<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><div><strong> FROM THE ARCHIVES:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1715962" width="100%"></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>

RiCBC said it has approved the increase in shareholding of Japan's Sumitomo Mitsui Banking Corp (SMBC) to 20 percent from 4.999 percent. 