Clifford Chance represented RCBC on investment in the Philippines
Clifford Chance has provided advice to Rizal Commercial Banking Corporation (RCBC) based on the Sumitomo Mitsui Banking Corporation's (SMBC) international characteristics of the investment into RCBC.
It raises SMBC's ownership position in RCBC to 20 percent. For a total consideration of PHP27.13 billion (approx. US$460.78 million), the investment involves the sale by RCBC to SMBC of common stock held by RCBC in treasury as well as the subscription by SMBC of new common stock in RCBC
RCBC received advice on the transaction from Valerie Kong, Singapore Managing Partner, Ivan Chan, Senior Associate and Danielle Sim, trainee lawyer. On the Philippine legal aspects of the deal, Romulo Mabanta Buenaventura Sayoc & de Los Angeles advised RCBC.
According to Valerie, "We are happy to advise RCBC on this historic transaction, which reflects not only the prospects for digital banking and fintech in the fast-growing economy of the Philippines, but also throughout South East Asia."
RCBC is a well-known commercial bank in the Philippines with more than 400 branches and is known for its ESG and digital banking activities. With the investment from SMBC, RCBC will improve its digital operations, broaden the application of its Sustainable Finance Framework and core business by targeting key client sectors. The Japanese bank's presence throughout South East Asia has been augmented through SMBC's strategic investment.