Sumitomo Mitsui to acquire 5% stake in RCBC for $90m.

Sumitomo Mitsui Financial Group agreed to invest around JPY10bn yen ($90m) in Rizal Commercial Banking, Philippine bank taking a 5% stake, as it looks for growth outside a slow-growing domestic market. SMFG, Japan's second biggest lender by assets, said it saw the Philippines as a key market, and cited RCBC's strength in digital banking services.