Clifford Chance has advised Rizal Commercial Banking Corporation (RCBC) on the international aspects of Sumitomo Mitsui Banking Corporation’s (SMBC) investment, increasing SMBC’s stake in the Philippines bank from 5% to 20%.
Clifford Chance’s team in Singapore was led by managing partner Valerie Kong with the support of senior associate Ivan Chan. Philippine law firm Romulo Mabanta Buenaventura Sayoc & de los Angeles advised RCBC on the local law aspects of the deal.
The investment involves the sale of common stock held by RCBC in treasury and the subscription by SMBC of new common stock in the bank for PHP27.13 billion (USD460.78 million).
