THE Board of Directors of Rizal Commercial Banking Corp. approved Thursday, Nov. 3, 2022, the increase in the shareholding of Sumitomo Mitsui Banking Corp. (SMBC), an existing shareholder of 4.999 percent of the total outstanding common stock of the bank, to 20 percent through the combined sale and subscription of an aggregate of 382,057,224 common stock to SMBC. The transaction involves the sale to SMBC of 213,437,248 common stock held as treasury shares in the bank and the issuance to SMBC of 168,619,976 new common stock, at the price of P71 per share. SMBC’s strategic investment, bringing in P27.126 billion (approximately US$460.78 million) of new Core Equity Tier 1 capital to the bank, is part of the bank’s capital raising plan to support long-term sustainable asset growth and investments in technology and cyber security and human resources. The proceeds from the investment will allow the bank to expand the core business in key customer segments – corporate, small and medium enterprise and consumer segments, and retail markets such as high net worth customers, mass affluent and mass market segments. (PR)