Japanese bank to buy almost 5% stake in RCBC

by The Manila Times

Jun 30, 2021 1:27 am

Rizal Commercial Banking Corp. (RCBC) executives announced on Tuesday that one of Japan's biggest banks will buy a nearly 5 percent stake in the Yuchengco-led listed lender.

According to John Thomas Deveras, RCBC senior executive vice president and head of Strategic Initiatives and Asset Management Group, Sumitomo Mitsui Banking Corp. (SMBC) will sign formal agreements with the RCBC to acquire 101,850,000 common shares held in treasury.

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