TOKYO: Japan's Sumitomo Mitsui Financial Group said it agreed to invest around 10 billion yen (US$90.3 million) in Philippine bank Rizal Commercial Banking Corporation (RCBC), taking a 5per cent 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.
The move follows its announcement in April that it would invest up to 150 billion yen in Vietnam's biggest non-bank lender FE Credit as it looks for growth outside a slow-growing domestic market.
(US$1 = 110.7000 yen)
This story refiles to remove headline attribution to Nikkei, which first reported the deal.
(Reporting by Tokyo Newsroom; Editing by Louise Heavens and Edmund Blair)