Sumitomo Mitsui completed the acquisition of an additional 15% stake in Rizal Commercial Banking for $460m.

Sumitomo Mitsui, Japan's second-largest lender, completed the acquisition of an additional 15% stake in Rizal Commercial Banking, one of the largest universal banks in the Philippines, for $460m. The move is part of a drive by Japan's second-largest lender to capture growth in Asian emerging markets through acquisitions, spurred on by limited business opportunities at home with ultra-low interest rates and an aging population.