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Bloomberg
Sumitomo Mitsui Banking Corp is considering increasing its stake in Philippine lender Rizal Commercial Banking Corp as the Japanese firm seeks to expand its footprint across Southeast Asia, according to people familiar with the matter.
Tokyo-based SMBC is working with financial advisers as it prepares to boost its roughly 5% stake in RCBC, the people said, asking not to be identified because the information is private. The stake purchase could involve both primary and secondary shares, the people said.
Considerations are ongoing and no final decision has been made regarding the size of the stake purchase, the people said. Representatives for SMBC and RCBC declined to comment.
A bigger stake could bolster the partnership between the two financial institutions, the people said. Last year, SMBC bought a 4.99% stake in RCBC for $87 million.