Clifford Chance and Romulo Mabanta Buenaventura Sayoc & De Los Angeles have advised the Philippines’ Rizal Commercial Banking Corporation (RCBC) on a 27-billion-peso ($460 million) capital infusion from Japan’s Sumitomo Mitsui Banking Corporation (SMBC).

RCBC is the sixth largest non-state bank in the Philippines. This investment is the latest move by the Japan's second-largest lender to capture growth in Asian emerging markets through acquisitions spurred on by limited business opportunities at home, Reuters reported. The investment raises SMBC’s stake in RCBC to 20 percent, following a 5 percent acquisition last year.

The Clifford Chance team was led by Singapore managing partner Valerie Kong.

The Romulo team was led by partner Rico Tan.