RCBC said in a disclosure to the stock exchange Thursday its board in a meeting on Nov. 2 approved the sale of 382,057,224 common stock to the Japanese bank READ:
Corp. from 4.999 percent of the total outstanding common stock to 20 percent in a transaction valued at more than P27 billion.
SMBC’s strategic investment would bring in P27.126 billion or $460.78 million of new core equity tier 1 capital to RCBC. SMBC is one of the largest banks in Japan and is the commercial banking arm of Sumitomo Mitsui Financial Group with 269.7 trillion yen in total assets and consolidated total capital ratio of 16.02 percent as of June 30, 2022.
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