ACCRALAW acted as Philippine counsel to Sumitomo Mitsui Banking Corporation (“SMBC”), a multinational banking financial services institution, in its investment in Rizal Commercial Banking Corporation (“RCBC”). On 31 July 2023, SMBC and RCBC completed its transaction resulting in SMBC increasing its stake in RCBC from 4.999% to 20%. SMBC invested around Php27 Billion in RCBC for this transaction.
RCBC is the fifth largest private bank in the Philippines in terms of assets. SMBC, the commercial banking arm of Sumitomo Mitsui Financial Group, is one of the largest banks in the world with presence in approximately 40 countries.
ACCRALAW’s Partners Chrysilla Carissa P. Bautista and Joselito M. Bautista led the team from the Firm’s Corporate and Special Project Department. Senior Associate, James Patrick O. Alojado and Associates, Juan Miguel C. Dela Cruz, Sittie Namraidah L. Ali, and Jhulian Roby D. Bustamante also worked on the project.