RCBC-Japan banks tie-up seen to boost Japanese investments in PH

Yuchengco-led Rizal Commercial Banking Corp. has firmed up a partnership with two Japanese banks under Kansai Mirai Financial Group, aiming to serve Japanese companies that would do business in the Philippines and vice versa.

Boosting its relationship with Resona Holdings, one of Japan’s largest banking groups, RCBC finalized a cooperation agreement with Osaka-based Kansai Urban Banking Corp. and Kobe-based Minato Bank.

This is seen to pave the way for more Japanese companies, especially small and medium enterprises (SMEs), to invest in the Philippines.

“These two banks are some of the best in the Osaka, Kansai area. Through them, we hope to bring more Japanese investors in the Philippines,” RCBC first senior vice president Yasuhiro Matsumoto said in a statement yesterday.

“RCBC can provide their banking requirements when they come to the Philippines,” Matsumoto said.

Matsumoto also confirmed that the partnership would go both ways, allowing interested Philippine companies to do business with Japanese firms.

RCBC has had long-standing relations with various Japanese firms that date way back to the 1970s.

This partnership is seen to capitalize on growing interest from foreign companies, particularly those based in Japan, to invest in the Philippine economy. Financial, retail and infrastructure, particularly in provincial areas, are seen among the most lucrative areas.

RCBC’s partnership with Resona Group started in 2013, paving the way for mutual assistance in nurturing Japanese SME clients.