Sumitomo Mitsui Weighs Increasing Stake in Rizal Bank
- SMBC working with financial advisers on potential transaction
- Stake purchase could involve both primary and secondary shares
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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.