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Wikipedia

Sumitomo Mitsui Banking Corporation

January 20, 2023

"Sumitomo Mitsui" redirects here. Not to be confused with Mitsui Sumitomo Insurance Group.

Sumitomo Mitsui Banking Corporation Group (SMBC Group; 株式会社三井住友銀行, Kabushiki-gaisha Mitsui Sumitomo Ginkō) is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.

Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Banking Corporation headquarters in Chiyoda-ku, Tokyo
SMBC Group
Native name
株式会社三井住友フィナンシャルグループ
Kabushiki gaisha Mitsui Sumitomo Finansharu Gurūpu
FormerlyThe Wakashio Bank, Ltd. (legal predecessor of Sumitomo Mitsui Banking Corporation, 1996–2003)
TypePublic (Kabushiki gaisha)
ISINJP3890350006
IndustryFinancial services
FoundedJune 6, 1996
(The Sakura Bank, Ltd.: July, 1876)
(The Sumitomo Bank, Ltd.: November, 1895)
Headquarters
Chiyoda-ku, Tokyo
,
Japan
Number of locations
463 branches (as of September 30, 2019)[1]
Area served
Worldwide
Key people
Takeshi Kunibe
(Chairman)[2]
Makoto Takashima
(President)
ServicesPersonal banking
Corporate banking
Investment banking
Revenue US$47.98 billion (2019)[3][4]
US$8.97 billion (2019)[3][4]
US$6.47 billion (2019)[3][4]
Total assets US$2.036 trillion (2019)[3][4]
Total equity US$99.32 billion (2019)[3][4]
Number of employees
103,000 (as of March 30, 2020)[5]
WebsiteSMBC Group

SMBC group operates in over 40 countries and maintains a presence in all International Financial Centres as the 12th biggest bank in the world by total assets. It is one of the largest global financial institutions in project finance space by total loan value.[6][7] As of May 2020, SMBC group is listed as 80th largest public company in the world according to Forbes ranking.[8]

It is the second largest banking institution by total assets and market capitalization in Japan.[9] Along with MUFJ Financial Group and Mizuho Financial Group, SMBC group is referred to as a Japanese megabank, one of the three largest banking institutions who dominate market share in Japan's financial system.[10] It is closely affiliated with Sumitomo and Mitsui keiretsu.

The core subsidiary of SMBC group is the banking unit, Sumitomo Mitsui Banking Corporation (SMBC). Sumitomo Mitsui Financial Group acts as the holding company for the group. The other major subsidiaries include SMBC Nikko Securities, SMBC Trust Bank, Sumitomo Mitsui DS Asset Management, Sumitomo Mitsui Finance and Leasing and Japan Research Institute (JRI).[11]

Company history

Sakura Bank

Main article: Sakura Bank
 
Sakura Bank logo

The Sakura Bank, Limited (さくら銀行, Sakura Ginkō) was a Japanese bank based in Tokyo and Kobe. It was formed in April 1990 as the Mitsui Taiyo Kobe Bank (MTKB) by the merger of Mitsui Bank (founded 1876) and Taiyo Kobe Bank (founded 1973).

Sakura bank root can be traced back to July 1876 when its predecessor, Mitsui Bank, was established with capital of two million yen. It was one of the Japanese government's main banks for deposits and tax collections until the formation of the Bank of Japan in 1882. In ensuing decades, the Mitsui family took over numerous government industrial plants to form a major zaibatsu conglomerate, with the bank as one of its core businesses.[12] Mitsui Bank reorganized as an unlimited partnership in 1893, and as a limited company (capital stock: ¥20 million) in 1909.[13]

World War II led Mitsui Bank to distance itself from the Mitsui zaibatsu beginning around 1937, as the bank's large balance of loans to munitions manufacturers made it vulnerable to failure should a recession occur after the war. The solution found by Mitsui's chairman was to merge the bank with the Dai-Ichi Bank, creating a much larger institution outside the Mitsui family's control.[14] In April 1943, Mitsui Bank merged with Dai-Ichi to form Teikoku Bank ("Imperial Bank").[13]

Teikoku almost immediately found itself short of funds, and for the remainder of the war, mainly provided short-term financing, with long-term financing for its munitions manufacturing customers mostly provided by the Industrial Bank of Japan.[14] Dai-Ichi and Mitsui had very different corporate cultures which led to friction between the two; the two banks never completely integrated, and in October 1948, Dai-Ichi Bank separated from Teikoku Bank.[15]

 
Former Mitsui Bank headquarters (1960–1990) in Yurakucho, Tokyo

Teikoku Bank listed its shares on the Tokyo and Osaka stock exchanges in May 1949 and changed its name back to Mitsui Bank in January 1954.[13] Mitsui Bank merged with Toto Bank in April 1968.[13]

Around 1960, Mitsui Bank and its general trading company partner Mitsui & Co. formed a horizontal keiretsu alliance between other companies descended from the Mitsui conglomerate, including Toyota, Toshiba, Toyo Menka Kaisha, Ishikawajima-Harima Heavy Industries, Showa Aircraft and Oji Paper.[16]

Mitsui established The Mitsui Bank of California in Los Angeles in 1974, and acquired Manufacturers Bank in 1981, merging the two later that year to form Mitsui Manufacturers Bank (renamed Manufacturers Bank in 1992).[17]

Mitsui Bank agreed to merge with Taiyo Kobe Bank in 1989. The TKB-Mitsui merger, agreed in end of 1989 during the height of the Japanese asset price bubble, was to create the second largest bank in the world behind Dai-Ichi Kangyo Bank. While TKB had a large base of individual and small business customers, Mitsui had a complementary base of larger institutional Clients. The Sakura Bank name was adopted 3 years later in April 1992. The merger was aimed at leveraging these synergies, as well as providing stronger competition against European banks, which were expected to consolidate following a deregulation in 1992.[18]

Sakura became a major corporate and retail bank in the Greater Tokyo Area during the 1990s and was the largest retail bank in Japan by several measures, including housing loan and investment trust sales.[19] However, Sakura incurred massive bad loan write-offs in 1998 and approached one of its major corporate customers, Toyota, for financial support, which was rejected.[20]

Sakura led the consortium that established Japan Net Bank, an online bank, in 2000, and began talks with Sony to establish a second online banking operation in Japan.[21]

The Sumitomo Bank

Main article: The Sumitomo Bank
 
Former Sumitomo Bank headquarters in Nakanoshima, Osaka, now an SMBC office
 
Former Tokyo branch of Sumitomo Bank, now an SMBC office

Sumitomo Bank was established as a private enterprise in November 1895 and reorganized as a limited company with 15 million yen of capital in March 1912.[13] It opened numerous overseas branches during the World War I era as the Sumitomo zaibatsu business globalized.[22]

After World War II, the Sumitomo group was dismantled and its constituent companies were forbidden from using the Sumitomo name. The bank renamed itself Osaka Bank in October 1948.[22] In December 1952, its name was changed back to Sumitomo Bank.[13] Sumitomo was the main bank for several major Japanese manufacturers during the early postwar era, including NEC and Panasonic (Matsushita).[22]

In the 1970s, it lost nearly US$1 billion in the restructuring of Osaka-based general trading company Ataka & Co., which, combined with the contemporaneous bailout of Mazda, had a major impact on Sumitomo's finances, driving it down from the most profitable bank in Japan to being only ninth-ranked.[23] However, the Ataka and Mazda bailouts enhanced Sumitomo's industry reputation by showing its dedication to customers. It became the largest Japanese bank by deposits until the merger of Dai-Ichi Bank and Nippon Kangyo Bank to form Dai-Ichi Kangyo Bank.[22]

In 1986, Sumitomo merged with Heiwa Sogo Bank in order to expand its presence in the Tokyo area. In the same year, it acquired 12.5% of Goldman Sachs.[22]

Sumitomo incurred major losses during the collapse of the Japanese asset price bubble in the 1990s. In 1993 it wrote off 100 billion yen in bad loans, and in 1994 its Nagoya branch manager was murdered in possible connection with a bad debt collection. In 1995, it posted the first net loss of a major Japanese bank in the postwar era.[22] It sold Sumitomo Bank of California, the sixth-largest bank in California, at a steep discount to Zions Bancorporation in 1998 (SBC is now part of California Bank and Trust).[24]

In 1999, amid intensifying competition as other Japanese and foreign banks consolidated, Sumitomo announced its merger with Sakura Bank to form Sumitomo Mitsui Banking Corporation.[22] The merger was approved in June 2000 and combined Sakura's strong retail operation and eastern Japan presence with Sumitomo's strong wholesale operation and western Japan presence.[19]

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation (SMBC) was formed by the merger of The Sumitomo Bank and Sakura Bank in April 2001. Sumitomo Bank was a major Japanese bank founded in 1895; while Sakura Bank was a descendant of Mitsui Bank, another major Japanese bank founded in 1876, but with operations dating back to 1683, when the Tokugawa Shogunate granted Mitsui Takatoshi permission to act as a money changer. The merger created one of the world's largest banking group, with similar size to Deutsche Bank and the pending merger that would form Mizuho Bank.[25] However, the newly created bank was still plagued with bad assets at that time post the asset price bubble burst (the Japanese banking industry as a whole suffered from significant non-performing loans during the 1990s and early 2000s). This led to several corporate actions taken by SMBC to clean its balance sheet and raise capital such as writing off its non-performing loans and selling its entire stake in Goldman Sachs.[26][27]

 
SMBC Asia hub is located in Centennial Tower in Singapore

In 2003, SMBC conducted reverse merger with its subsidiary, Wakashio Bank, to secure financial resources to cover large deferred losses from its equity holdings. Although SMBC was technically dissolved and Wakashio Bank became a company that survived, under the Japanese Commercial Code, the surviving entity took the name Sumitomo Mitsui Banking Corp., just like the disbanded bank name. SMBC President Yoshifumi Nishikawa and Chairman Akishige Okada became president and Chairman of the new entity respectively. Hiroyasu Ichikawa, President of Wakashio Bank, assumed the position of senior managing director.[28] The idea of the reverse merger is to create smaller entity with excess profit. The profit, then, was used to accelerate write-offs of the bank's unrealized securities losses and boost sales of its shareholdings to reduce risk from the fluctuation of stock prices.[29] Post the merger, the new entity grew rapidly through organic and inorganic growth strategy. The assets expanded from 102.4 trillion yen in 2003 to more than 200 trillion yen by the end of 2019, making it the 12th largest bank in the world.[30]

At present, the bank serves as the core retail, corporate, and investment banking arm of both the namesake Sumitomo and Mitsui groups. Its traditional client base is made up of Japanese corporates, but overseas corporate lending increased following overseas expansion. SMBC's overseas network consists of 130 branches and offices in 40 countries and regions as of 2018. SMBC provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2008, the Singapore branch has become SMBC's regional hub in Asia Pacific while global headquarters is still maintained in Tokyo, Japan.[31][32][33]

SMBC's shares has become listed on the first section of the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange since December 2002. It has secondary listing in New York Stock Exchange. The stock tickers are TYO: 8316 and NYSE: SMFG.[34]

The bank steadily increased its tier 1 capital ratios from 12.19% in 2014 to 16.69% as reported in March 2018. Standard & Poor's, Moody’s and Fitch Ratings assigned SMBC's an A1, A and A rating respectively (as at March 2018).[31]

Sumitomo Mitsui Financial Group

 
SMBC Hong Kong office is located in One IFC

Sumitomo Mitsui Financial Group, Inc. (SMFG) was established in December 2002 through a share transfer from Sumitomo Mitsui Banking Corporation. It acts as bank holding and financial services company of Sumitomo Mitsui Banking Corporation.

In February 2003, Sumitomo Mitsui Card Company, Limited, SMBC Leasing Company, Limited, and The Japan Research Institute became wholly owned subsidiaries of SMFG.

SMFG reached an agreement in June 2004 to form a strategic alliance with Promise Co., Ltd. on consumer finance business. The two firms started collaborative business in April 2005.

The same month, SMFG reached an agreement to form a strategic alliance with NTT DoCoMo on credit card business. A portion of the shares of Sumitomo Mitsui Card held by SMFG were transferred to NTT DoCoMo, and Sumitomo Mitsui Card issued new shares and allocated them to NTT DoCoMo by means of third party allocation in July 2005. Collaborative business began in December 2005.

In September 2006, SMBC Friend Securities became a wholly owned subsidiary of SMFG and the following month, SMFG reached an agreement to pursue strategic joint business with the Sumitomo Corporation group in the leasing and auto leasing businesses.

SMFG acquired Nikko Cordial, a brokerage, from Citigroup in May 2009.

In April 2016, Sumitomo Mitsui Finance and Leasing completed the acquisition of General Electric Group's Japan-based leasing business.[35][36]

Relevant timeline

  • April 2001: Sakura Bank and Sumitomo Bank merged to form Sumitomo Mitsui Banking Corporation. (Capital stock: ¥1,276,7 billion)
  • December 2002: Sumitomo Mitsui Banking Corporation (SMBC) established a holding company named Sumitomo Mitsui Financial Group, Inc. (SMFG) through a share transfer, SMBC becomes a wholly owned subsidiary of SMFG.
  • March 2003: Wakashio Bank (established June 1996) conducted reverse merger with SMBC.
  • August 2004: SMBC Group launched competing bid to acquire ailing Japanese bank UFJ, challenging a takeover of UFJ by the Mitsubishi Tokyo Financial Group (see Mitsubishi UFJ Financial Group). While it eventually lost that bid, SMBC is credited with increasing competition within Japan's once staid banking industry.[37]
  • July 2008: SMBC Group bought a 2.1 percent stake in Barclays Bank for £500m.[38]
  • March 2015: SMBC Group bought HK$6.58 billion (JP¥105 billion, US$849 million) of new Bank of East Asia shares, raising SMBC's stake in the Hong Kong lender to 17.5% from 9.7%.
  • January 2019: Sumitomo Mitsui Banking Corporation Indonesia merged with PT Bank Tabungan Pensiunan Nasional Tbk, also known as Bank BTPN. The group owned 96,89% ownership of the bank since the merger was completed on 1 February 2019, with Bank BTPN as the surviving brand. Indonesian authorities approved the merger in December 2018, while Japanese authorities approved the merger a month later.[39][40][41][42][43]
  • March 2020: SMBC Group agreed to buy a 4.9 percent stake in Ares Management. As part of this agreement, the group will make a US$384 million equity investment into the firm.[44][45][46][47][48]

Corporate structure

Business division

 
SMBC signage board

Sumitomo Mitsui Financial Group acts as the holding company for the SMBC group. The core subsidiary of the group is the banking unit, Sumitomo Mitsui Banking Corporation (SMBC).

The group's banking unit is organised in the following structure:[49]

  • Consumer Banking Unit
  • Middle Market Unit
  • Corporate Banking Unit
  • Investment Banking Unit
  • International Banking Unit
  • Treasury Unit
  • Compliance Unit
  • Corporate Staff Unit

Throughout the years, the group has expanded into other related businesses such as leasing, brokerage and asset management. As of 2020, the major subsidiaries beside the banking unit include SMBC Nikko Securities, SMBC Trust Bank, Sumitomo Mitsui DS Asset Management, Sumitomo Mitsui Finance and Leasing and Japan Research Institute (JRI).[11][50]

Brand

Group name

The group was identified by its holding entity name, Sumitomo Mitsui Financial Group (SMFG), until early of 2018. By March 2018, the group established "SMBC Group" as its master brand name. Since then, the corporate group has been referred to as SMBC Group instead of SMFG. The press release by the company stated the move is to associate the brand with the group's core banking business, Sumitomo Mitsui Banking Corporation.[51][52]

SMBC Group's corporate logo uses "Rising Mark" sign. The background color is trad green, fresh green. The “SMBC” name is shown on the right side of the rising mark with white block letters.

Mascot character

In 2014, SMBC Group created an original mascot character called Midosuke, which imitates an otter.[53] The body of the character is green in color, the neck of it is covered by a scarf with the color similar to SMBC group's rising mark logo. The character was designed by Tsuneo Goda (Dwarf Co., Ltd.). Originally, it was used mainly for official LINE accounts but later it has been used as commercials character, face design of cash cards or debit cards, and merchandise for bank customers.[54]

Global operations

SMBC Group has offices in:[55]

Overseas subsidiaries and affiliates

The overseas subsidiaries and affiliates of SMBC Group are as follows:[56]

  • European Sumitomo Mitsui Banking Corporation
  • SMBC Bank EU AG
  • Sumitomo Mitsui Banking (China) Co., Ltd.
  • Manufacturer's Bank
  • Brazil Sumitomo Mitsui Banking Corporation
  • PT Bank BTPN Tbk
  • Russia Sumitomo Mitsui Banking Corporation
  • Sumitomo Mitsui Banking Malaysia
  • SMBC Capital Markets Company
  • UK SMBC Nikko Capital Markets Company
  • SMBC Aviation Capital
  • SMBC Lease Finance Company
  • SMBC Rail Services LLC
  • SMBC Nikko Security America Corporation
  • SMBC Financial Services Company
  • SMC Cayman Elsie Limited
  • S.F.V.I Company
  • SMBC International Finance N.V.
  • SMC Leasing Investment LLC
  • SMC Capital Partners LLC
  • SMBC MV ISPC
  • SMBC DIP Limited
  • SMBC Derivative Products Limited
  • SMBC Capital India
  • Sumitomo Mitsui Finance Dublin
  • Sakura Finance Asia

Acquisitions

SMBC Nikko Securities

Main article: SMBC Nikko Securities

The history of SMBC Nikko Securities can be traced back to Nikko Cordial Corporation, which was the holding company for Nikko Cordial Securities. The company was Japan's third largest brokerage until 2008, when Nikko Cordial Corporation became a wholly owned subsidiary of Citigroup; upon completion of share exchange, it merged with Citigroup Japan Holdings Ltd. to form Nikko Citi Holdings Inc., before changing its name to Citigroup Japan Holdings Corp. in 2009.

In October 2009, all of the operations of Nikko Cordial Securities and certain businesses of Nikko Citigroup, such as the domestic stock and bond underwriting business among others, were sold to Sumitomo Mitsui Banking Corporation, before being reorganized into a new subsidiary company, SMBC Nikko Securities Inc., in April 2011.[57][58] SMBC Nikko Securities becomes investment banking arm of SMBC group and offers equity and debt financing, trading, and merger and acquisition advisory services worldwide with the main base in Japan.

SMBC Aviation Capital

Main article: SMBC Aviation Capital

SMBC Aviation Capital, formerly RBS Aviation Capital, is one of the world's largest aircraft leasing companies. Headquartered in the International Financial Services Centre in Dublin and with locations in Amsterdam, Beijing, Hong Kong, Kyiv, Moscow, New York, Seattle, Miami, Shanghai, Singapore, Tokyo and Toulouse, the company employs 160 people.

In 2012, the company was acquired by the Japanese consortium of Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Mitsui Finance and Leasing Company Limited (SMFL) and Sumitomo Corporation for US$7.3 billion which was the largest ever global sale of an aircraft leasing business. The sale completed on 1 June 2012 and the business was renamed SMBC Aviation Capital.[59]

The company currently has a portfolio of 453 aircraft (273 owned and 180 managed) with a further 203 aircraft on order from Airbus and Boeing, made up of a mix of A320neos, A320-200s, B737-800s and B737 MAXs. It has more than 150 airline customers in over 50 countries worldwide, including a range of traditional carriers alongside start-up airlines.

Its strategy is to own and lease technologically advanced, efficient and frequently-used aircraft types. SMBC Aviation Capital maintains a young fleet with an average weighted age of 4.7 years. The company has a BBB+ rating from Fitch.[60]

The company is now in its 15th year in business. In July 2016, the company completed a debut US$500 million unsecured notes offering, which was eight times over-subscribed.[61]

Bank BTPN

Bank BTPN focuses on serving the mass market segment consisting of pensioners, micro, small and medium enterprises (MSMEs), productive poor communities; consuming class segment; and the corporate segment in Indonesia. By 2019, Sumitomo Mitsui Banking Corporation (SMBC) officially owns 96.9% of PT Bank Tabungan Pensiunan Negara Tbk (BTPN) shares. This is an increase from the previous ownership which was only 39.92%. The gain in the portion of SMBC shares in BTPN is in line with the acquisition of additional shares of 3.33 billion or around 56.98% conducted in January 2019. The shares transaction was carried out at IDR4,282 per share.[62][63][64]

Post acquisition, the entity was merged with SMBC's subsidiary in Indonesia. In a summary of the proposed merger of BTPN and Bank Sumitomo Indonesia, the total assets and total equity of the merged bank reached a total IDR 178 trillion and IDR 26.92 trillion respectively, using financial position as of May 31, 2018. Upon the merger, BTPN became the 8th largest bank in Indonesia by total assets.[63][65]

Bank of East Asia

Main article: Bank of East Asia

SMBC has an ownership in Bank of East Asia (BEA). In 2015, the bank increased its investment in BEA by approximately HKD 6.6 billion, bringing SMBC's shareholding in BEA to 17.50% from 9.68% previously.[66][67]

Digital banking

IC cash card

An IC cash card is a single cash card that can be used with three method of identification: biometric authentication, IC chip or magnetic stripe, by setting the limit and registering biometric information (finger vein pattern). With this cash card, the security of usage improved since transactions relies on IC chip recording data and the pattern of past transactions that combined IC chip recording data and biometric authentication.[68]

As of 2017, SMBC issued IC cash cards at the bank's counters (only applicable to ordinary design deposit cash cards; cards of other designs and non-savings accounts are not eligible for immediate issuance).[68]

Blockchain

Several Blockchain-related initiatives also has been implemented by SMBC. The bank is planning to implement the use of R3's Marco Polo trade finance blockchain, the international blockchain trade finance network, on a commercial basis by the end of 2020.[69][70]

Artificial Intelligence

SMBC has been an early adopter of AI in its banking operation. It is the first Japanese bank to use IBM Watson since 2014 to support operators at its call center.[71] AmiVoice, a voice recognition solution provided by SMBC, transforms inquiries into text on a real-time basis as a speech recognition system, while IBM Watson gives customers responses taken from service manuals and Q&As, thereby allowing digital operators to provide timely and correct answers to callers.[72]

Environmental policy and record

In 2006 SMBC was among the first Japanese Bank to adopt the Equator Principles, an international set of social and environmental standards for financial institutions launched in 2003.[73] The bank updated its policy to exclude the funding of ultrasupercritical coal power.[74]

SMBC has involved in funding renewable project finance worth three trillion yen globally.[75] As one of the leading players in finance for offshore wind power and solar energy generation, SMBC has been funding renewable power plant projects with a total capacity of more than 10 GW by 2018. Since 2016, the bank has supported 44 project finance deals in renewable energy area. The projects consist of 20 solar energy, 17 wind energy, 3 Geothermal Energy, 2 Hydropower, 1 Biomass 1 Submarine power cable, 1 waste-to-energy in the Americas, Asia, Europe, and Australasia.[75][76]

However, international environmental groups have criticized SMBC for failing to adhere to its social environmental standards, because SMBC is still involved in the financing of coal projects such as the Vung Ang 2 and Nghi Son 2 coal power station in Vietnam.[77][78] In December 2019, a research released at United Nations Climate Change conference named SMBC Group among the top three private lender to coal developers between January 2017 and September 2019.[79]

SMBC also involves as one of lead arrangers for a massive oil pipeline under construction in Uganda and Tanzania. The construction of East Africa Crude Oil Pipeline is a part of a push to open oil fields around Uganda’s Lake Albert to international markets, which will be connected to the port of Tanga in Tanzania. The required investment value is estimated at US$3.5 billion. With 1,443 kilometres of length, it will be the longest heated pipeline in the world. International organizations warned the environmental risks to fresh water sources including Lake Victoria, which supports the livelihoods of more than 30 million people in the region.[80][81][82][83]

Having said this, news reported that SMBC is to reconsider its prolific funding of coal-fired plants, the first of the nation's major banks to do so.[84][85][86][87][88]

Sponsorships

SMBC and Singapore Open have a title sponsorship deal since 2016, making the Singapore top golf tournament commercially known as SMBC Singapore Open. The Singapore Open is a golf tournament in Singapore that is part of the Asian Tour schedule. The event has been held at Sentosa Golf Club since 2005 and since 2017 has been part of the Open Qualifying Series, giving up to four non-exempt players entry into The Open Championship.[89][90]

In April 2015, Sumitomo Mitsui Banking Corporation became a Gold Partner (banking category) for the Olympic and Paralympic Games Tokyo 2020.[91][92]

Since 2014, SMBC has owned the naming rights for the Japan Series.

SMBC branch in Tokyo Disneyland

 
SMBC Tokyo Disneyland Branch

Sumitomo Mitsui Banking Corporation is the only bank that has a branch office in Tokyo Disneyland and Tokyo DisneySea. The branch is the legacy of Mitsui Bank, which was a member of the Mitsui Group when Oriental Land was established. Tokyo Disney Resort project was done by Mitsui Fudosan.[93]

The branch office in Tokyo DisneySea has an unmanned ATM section called "Nihonbashi Branch Tokyo DisneySea Branch", but staff are still assigned to the "Urayasu Branch Tokyo Disneyland Branch" (store number 593) in Tokyo Disneyland. The operating hours follow normal bank operational time. It was possible to open an account and no limitation of total handled customers, but now it is limited only to Urayasu citizens and related parties. The passbook design and the card design are not different from the one issued by ordinary SMBC's branches and cannot be visually differentiated. Previously, the Disneyland branch office also handled foreign currency exchange.[94]

Note, SMBC is not a participating company nor official sponsor of Tokyo Disney Resort. For instance, Disney characters have been used by the Bank of Mitsubishi UFJ as an image character for over half a century since it was adopted by Mitsubishi Bank in 1962.

Related event

Yakuza exclusion ordinances

Main article: Yakuza § Indirect enforcement

Since 2011, Japan's law regulator put series of efforts to battle organized crime activities in the country. This includes exclusion ordinances that made it illegal to do business with Yakuza gang members. Methods include that which brought down Al Capone such as checking the organization's finances. In 2013, the Financial Services Agency, Japan’s financial watchdog, started investigation of the three mega banks over possible ties to organised crime after Mizuho banking group was accused to lend more than US$2 million to people affiliated with organized crime groups in Japan. The probe also focused on compliance practices and risk management systems of the banks.[95][96][97][98]

To step up the effort of dissociation with Yakuza, the Japanese Bankers Association's members, including SMBC Group, started to compile their own lists on Yakuza and other so-called anti-social forces to keep undesirable persons from using their services to perform transactions.[99]

2012 SMBC Nikko Securities insider trading probe

In June 2012, an employee of SMBC Nikko securities was arrested for alleged insider trading due to the suspicion of having leaked information on tender offers. The employee allegedly provided leaked information on tender offers for at least more than 10 firms to a company top personnel and other recipients. One of the information was regarding management buyout bid by a wine trading house, Enoteca Co., before the takeover bid plan was announced in February of when it was listed on the Tokyo Stock Exchange's Second Section.[100][101][102]

The said employee worked for SMBC Nikko on secondment from Tokyo-based Sumitomo Mitsui's banking unit since October 2009. He was the deputy head of investment banking at that time and was loaned from SMBC bank (it is common for employees to be rotated to other divisions of the bank periodically). He became the first banker from a major Japanese brokerage to be detained for suspected insider trading since 2008. He was ultimately convicted by Yokohama District Court in 2013 and charged with prison sentence of 2 years and 6 months.[103][104][105]

As a consequence of this event, The Tokyo Stock Exchange fined SMBC Nikko Securities 80 million yen (US$1.02 million) for the violation of exchange rules.[106][107]

Omori branch employee fraud

A former deputy branch manager of the Omori branch illegally operated the foreign currency deposit transaction system from November 2015 to June 2016. The employee was accused of stealing around ¥190 million (US$1.84 million) by manipulating the bank's foreign exchange trading system.[108]

Hugh Rodley bank raid

A group of criminal hackers including Hugh Rodley, security insider Kevin O'Donoghue and Soho sex shop owner David Nash were found guilty of an attempted high-tech robbery of £229m from Sumitomo Mitsui Banking Corporation's London branch in September 2004. Henchmen Jan Van Osselaer and Gilles Poelvoorde were also found guilty of conspiracy to steal. The plot was discovered by Sumitomo Mitsui staff, and no money was stolen. Another accused, Bernard Davies, died before trial.[109]

Bank of East Asia dispute with Elliott Management

Hedge fund activist investor Elliott Management filed a lawsuit against BEA in July 2016 in Hong Kong court over a share placement transaction.[110] Elliott Management, which held 7% of listed shares of BEA, had included majority of the bank's directors, its CEO and chairman in the lawsuit. The transaction in question was on BEA's issuance of new shares to Japan's Sumitomo Mitsui Banking Corp (SMBC) in 2015. Elliott cited "allegations of unfairly prejudicial conduct" and "alleged serious corporate governance failings".[111]

In response, BEA applied to have Elliott's petition against them "struck out". This case was heard by Mr Justice Jonathan Harris from 17 to 19 July 2017.[112]

Notable current and former employees

See also

References

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External links

  • Official website (in Japanese)
  • Official website (in English)

January 20, 2023
sumitomo, mitsui, banking, corporation, sumitomo, mitsui, redirects, here, confused, with, mitsui, sumitomo, insurance, group, group, smbc, group, 株式会社三井住友銀行, kabushiki, gaisha, mitsui, sumitomo, ginkō, japanese, multinational, banking, financial, services, in. Sumitomo Mitsui redirects here Not to be confused with Mitsui Sumitomo Insurance Group Sumitomo Mitsui Banking Corporation Group SMBC Group 株式会社三井住友銀行 Kabushiki gaisha Mitsui Sumitomo Ginkō is a Japanese multinational banking and financial services institution headquartered in Yurakucho Chiyoda Tokyo Japan The group operates in retail corporate and investment banking segment worldwide It provides financial products and services to a wide range of clients including individuals small and medium sized enterprises large corporations financial institutions and public sector entities Since 2011 it has been included into the Financial Stability Board s list of global systemically important banks Sumitomo Mitsui Financial Group Inc Sumitomo Mitsui Banking Corporation headquarters in Chiyoda ku TokyoTrade nameSMBC GroupNative name株式会社三井住友フィナンシャルグループRomanized nameKabushiki gaisha Mitsui Sumitomo Finansharu GurupuFormerlyThe Wakashio Bank Ltd legal predecessor of Sumitomo Mitsui Banking Corporation 1996 2003 TypePublic Kabushiki gaisha Traded asTYO 8316 NAG 8316 NYSE SMFG Nikkei 225 component TYO TOPIX Core30 component TYO ISINJP3890350006IndustryFinancial servicesFoundedJune 6 1996 The Sakura Bank Ltd July 1876 The Sumitomo Bank Ltd November 1895 HeadquartersChiyoda ku Tokyo JapanNumber of locations463 branches as of September 30 2019 1 Area servedWorldwideKey peopleTakeshi Kunibe Chairman 2 Makoto Takashima President ServicesPersonal bankingCorporate bankingInvestment bankingRevenueUS 47 98 billion 2019 3 4 Operating incomeUS 8 97 billion 2019 3 4 Net incomeUS 6 47 billion 2019 3 4 Total assetsUS 2 036 trillion 2019 3 4 Total equityUS 99 32 billion 2019 3 4 Number of employees103 000 as of March 30 2020 5 WebsiteSMBC GroupSMBC group operates in over 40 countries and maintains a presence in all International Financial Centres as the 12th biggest bank in the world by total assets It is one of the largest global financial institutions in project finance space by total loan value 6 7 As of May 2020 SMBC group is listed as 80th largest public company in the world according to Forbes ranking 8 It is the second largest banking institution by total assets and market capitalization in Japan 9 Along with MUFJ Financial Group and Mizuho Financial Group SMBC group is referred to as a Japanese megabank one of the three largest banking institutions who dominate market share in Japan s financial system 10 It is closely affiliated with Sumitomo and Mitsui keiretsu The core subsidiary of SMBC group is the banking unit Sumitomo Mitsui Banking Corporation SMBC Sumitomo Mitsui Financial Group acts as the holding company for the group The other major subsidiaries include SMBC Nikko Securities SMBC Trust Bank Sumitomo Mitsui DS Asset Management Sumitomo Mitsui Finance and Leasing and Japan Research Institute JRI 11 Contents 1 Company history 1 1 Sakura Bank 1 2 The Sumitomo Bank 1 3 Sumitomo Mitsui Banking Corporation 2 Sumitomo Mitsui Financial Group 3 Relevant timeline 4 Corporate structure 4 1 Business division 5 Brand 5 1 Group name 5 2 Corporate logo 5 3 Mascot character 6 Global operations 7 Overseas subsidiaries and affiliates 8 Acquisitions 8 1 SMBC Nikko Securities 8 2 SMBC Aviation Capital 8 3 Bank BTPN 8 4 Bank of East Asia 9 Digital banking 9 1 IC cash card 9 2 Blockchain 9 3 Artificial Intelligence 10 Environmental policy and record 11 Sponsorships 12 SMBC branch in Tokyo Disneyland 13 Related event 13 1 Yakuza exclusion ordinances 13 2 2012 SMBC Nikko Securities insider trading probe 13 3 Omori branch employee fraud 13 4 Hugh Rodley bank raid 13 5 Bank of East Asia dispute with Elliott Management 14 Notable current and former employees 15 See also 16 References 17 External linksCompany history EditSakura Bank Edit Main article Sakura Bank Sakura Bank logo The Sakura Bank Limited さくら銀行 Sakura Ginkō was a Japanese bank based in Tokyo and Kobe It was formed in April 1990 as the Mitsui Taiyo Kobe Bank MTKB by the merger of Mitsui Bank founded 1876 and Taiyo Kobe Bank founded 1973 Sakura bank root can be traced back to July 1876 when its predecessor Mitsui Bank was established with capital of two million yen It was one of the Japanese government s main banks for deposits and tax collections until the formation of the Bank of Japan in 1882 In ensuing decades the Mitsui family took over numerous government industrial plants to form a major zaibatsu conglomerate with the bank as one of its core businesses 12 Mitsui Bank reorganized as an unlimited partnership in 1893 and as a limited company capital stock 20 million in 1909 13 World War II led Mitsui Bank to distance itself from the Mitsui zaibatsu beginning around 1937 as the bank s large balance of loans to munitions manufacturers made it vulnerable to failure should a recession occur after the war The solution found by Mitsui s chairman was to merge the bank with the Dai Ichi Bank creating a much larger institution outside the Mitsui family s control 14 In April 1943 Mitsui Bank merged with Dai Ichi to form Teikoku Bank Imperial Bank 13 Teikoku almost immediately found itself short of funds and for the remainder of the war mainly provided short term financing with long term financing for its munitions manufacturing customers mostly provided by the Industrial Bank of Japan 14 Dai Ichi and Mitsui had very different corporate cultures which led to friction between the two the two banks never completely integrated and in October 1948 Dai Ichi Bank separated from Teikoku Bank 15 Former Mitsui Bank headquarters 1960 1990 in Yurakucho Tokyo Teikoku Bank listed its shares on the Tokyo and Osaka stock exchanges in May 1949 and changed its name back to Mitsui Bank in January 1954 13 Mitsui Bank merged with Toto Bank in April 1968 13 Around 1960 Mitsui Bank and its general trading company partner Mitsui amp Co formed a horizontal keiretsu alliance between other companies descended from the Mitsui conglomerate including Toyota Toshiba Toyo Menka Kaisha Ishikawajima Harima Heavy Industries Showa Aircraft and Oji Paper 16 Mitsui established The Mitsui Bank of California in Los Angeles in 1974 and acquired Manufacturers Bank in 1981 merging the two later that year to form Mitsui Manufacturers Bank renamed Manufacturers Bank in 1992 17 Mitsui Bank agreed to merge with Taiyo Kobe Bank in 1989 The TKB Mitsui merger agreed in end of 1989 during the height of the Japanese asset price bubble was to create the second largest bank in the world behind Dai Ichi Kangyo Bank While TKB had a large base of individual and small business customers Mitsui had a complementary base of larger institutional Clients The Sakura Bank name was adopted 3 years later in April 1992 The merger was aimed at leveraging these synergies as well as providing stronger competition against European banks which were expected to consolidate following a deregulation in 1992 18 Sakura became a major corporate and retail bank in the Greater Tokyo Area during the 1990s and was the largest retail bank in Japan by several measures including housing loan and investment trust sales 19 However Sakura incurred massive bad loan write offs in 1998 and approached one of its major corporate customers Toyota for financial support which was rejected 20 Sakura led the consortium that established Japan Net Bank an online bank in 2000 and began talks with Sony to establish a second online banking operation in Japan 21 The Sumitomo Bank Edit Main article The Sumitomo Bank Former Sumitomo Bank headquarters in Nakanoshima Osaka now an SMBC office Former Tokyo branch of Sumitomo Bank now an SMBC office Sumitomo Bank was established as a private enterprise in November 1895 and reorganized as a limited company with 15 million yen of capital in March 1912 13 It opened numerous overseas branches during the World War I era as the Sumitomo zaibatsu business globalized 22 After World War II the Sumitomo group was dismantled and its constituent companies were forbidden from using the Sumitomo name The bank renamed itself Osaka Bank in October 1948 22 In December 1952 its name was changed back to Sumitomo Bank 13 Sumitomo was the main bank for several major Japanese manufacturers during the early postwar era including NEC and Panasonic Matsushita 22 In the 1970s it lost nearly US 1 billion in the restructuring of Osaka based general trading company Ataka amp Co which combined with the contemporaneous bailout of Mazda had a major impact on Sumitomo s finances driving it down from the most profitable bank in Japan to being only ninth ranked 23 However the Ataka and Mazda bailouts enhanced Sumitomo s industry reputation by showing its dedication to customers It became the largest Japanese bank by deposits until the merger of Dai Ichi Bank and Nippon Kangyo Bank to form Dai Ichi Kangyo Bank 22 In 1986 Sumitomo merged with Heiwa Sogo Bank in order to expand its presence in the Tokyo area In the same year it acquired 12 5 of Goldman Sachs 22 Sumitomo incurred major losses during the collapse of the Japanese asset price bubble in the 1990s In 1993 it wrote off 100 billion yen in bad loans and in 1994 its Nagoya branch manager was murdered in possible connection with a bad debt collection In 1995 it posted the first net loss of a major Japanese bank in the postwar era 22 It sold Sumitomo Bank of California the sixth largest bank in California at a steep discount to Zions Bancorporation in 1998 SBC is now part of California Bank and Trust 24 In 1999 amid intensifying competition as other Japanese and foreign banks consolidated Sumitomo announced its merger with Sakura Bank to form Sumitomo Mitsui Banking Corporation 22 The merger was approved in June 2000 and combined Sakura s strong retail operation and eastern Japan presence with Sumitomo s strong wholesale operation and western Japan presence 19 Sumitomo Mitsui Banking Corporation Edit Sumitomo Mitsui Banking Corporation SMBC was formed by the merger of The Sumitomo Bank and Sakura Bank in April 2001 Sumitomo Bank was a major Japanese bank founded in 1895 while Sakura Bank was a descendant of Mitsui Bank another major Japanese bank founded in 1876 but with operations dating back to 1683 when the Tokugawa Shogunate granted Mitsui Takatoshi permission to act as a money changer The merger created one of the world s largest banking group with similar size to Deutsche Bank and the pending merger that would form Mizuho Bank 25 However the newly created bank was still plagued with bad assets at that time post the asset price bubble burst the Japanese banking industry as a whole suffered from significant non performing loans during the 1990s and early 2000s This led to several corporate actions taken by SMBC to clean its balance sheet and raise capital such as writing off its non performing loans and selling its entire stake in Goldman Sachs 26 27 SMBC Asia hub is located in Centennial Tower in Singapore In 2003 SMBC conducted reverse merger with its subsidiary Wakashio Bank to secure financial resources to cover large deferred losses from its equity holdings Although SMBC was technically dissolved and Wakashio Bank became a company that survived under the Japanese Commercial Code the surviving entity took the name Sumitomo Mitsui Banking Corp just like the disbanded bank name SMBC President Yoshifumi Nishikawa and Chairman Akishige Okada became president and Chairman of the new entity respectively Hiroyasu Ichikawa President of Wakashio Bank assumed the position of senior managing director 28 The idea of the reverse merger is to create smaller entity with excess profit The profit then was used to accelerate write offs of the bank s unrealized securities losses and boost sales of its shareholdings to reduce risk from the fluctuation of stock prices 29 Post the merger the new entity grew rapidly through organic and inorganic growth strategy The assets expanded from 102 4 trillion yen in 2003 to more than 200 trillion yen by the end of 2019 making it the 12th largest bank in the world 30 At present the bank serves as the core retail corporate and investment banking arm of both the namesake Sumitomo and Mitsui groups Its traditional client base is made up of Japanese corporates but overseas corporate lending increased following overseas expansion SMBC s overseas network consists of 130 branches and offices in 40 countries and regions as of 2018 SMBC provides financial products and services to a wide range of clients including individuals small and medium sized enterprises large corporations financial institutions and public sector entities Since 2008 the Singapore branch has become SMBC s regional hub in Asia Pacific while global headquarters is still maintained in Tokyo Japan 31 32 33 SMBC s shares has become listed on the first section of the Tokyo Stock Exchange the Osaka Securities Exchange and the Nagoya Stock Exchange since December 2002 It has secondary listing in New York Stock Exchange The stock tickers are TYO 8316 and NYSE SMFG 34 The bank steadily increased its tier 1 capital ratios from 12 19 in 2014 to 16 69 as reported in March 2018 Standard amp Poor s Moody s and Fitch Ratings assigned SMBC s an A1 A and A rating respectively as at March 2018 31 Sumitomo Mitsui Financial Group Edit SMBC Hong Kong office is located in One IFC Sumitomo Mitsui Financial Group Inc SMFG was established in December 2002 through a share transfer from Sumitomo Mitsui Banking Corporation It acts as bank holding and financial services company of Sumitomo Mitsui Banking Corporation In February 2003 Sumitomo Mitsui Card Company Limited SMBC Leasing Company Limited and The Japan Research Institute became wholly owned subsidiaries of SMFG SMFG reached an agreement in June 2004 to form a strategic alliance with Promise Co Ltd on consumer finance business The two firms started collaborative business in April 2005 The same month SMFG reached an agreement to form a strategic alliance with NTT DoCoMo on credit card business A portion of the shares of Sumitomo Mitsui Card held by SMFG were transferred to NTT DoCoMo and Sumitomo Mitsui Card issued new shares and allocated them to NTT DoCoMo by means of third party allocation in July 2005 Collaborative business began in December 2005 In September 2006 SMBC Friend Securities became a wholly owned subsidiary of SMFG and the following month SMFG reached an agreement to pursue strategic joint business with the Sumitomo Corporation group in the leasing and auto leasing businesses SMFG acquired Nikko Cordial a brokerage from Citigroup in May 2009 In April 2016 Sumitomo Mitsui Finance and Leasing completed the acquisition of General Electric Group s Japan based leasing business 35 36 Relevant timeline EditApril 2001 Sakura Bank and Sumitomo Bank merged to form Sumitomo Mitsui Banking Corporation Capital stock 1 276 7 billion December 2002 Sumitomo Mitsui Banking Corporation SMBC established a holding company named Sumitomo Mitsui Financial Group Inc SMFG through a share transfer SMBC becomes a wholly owned subsidiary of SMFG March 2003 Wakashio Bank established June 1996 conducted reverse merger with SMBC August 2004 SMBC Group launched competing bid to acquire ailing Japanese bank UFJ challenging a takeover of UFJ by the Mitsubishi Tokyo Financial Group see Mitsubishi UFJ Financial Group While it eventually lost that bid SMBC is credited with increasing competition within Japan s once staid banking industry 37 July 2008 SMBC Group bought a 2 1 percent stake in Barclays Bank for 500m 38 March 2015 SMBC Group bought HK 6 58 billion JP 105 billion US 849 million of new Bank of East Asia shares raising SMBC s stake in the Hong Kong lender to 17 5 from 9 7 January 2019 Sumitomo Mitsui Banking Corporation Indonesia merged with PT Bank Tabungan Pensiunan Nasional Tbk also known as Bank BTPN The group owned 96 89 ownership of the bank since the merger was completed on 1 February 2019 with Bank BTPN as the surviving brand Indonesian authorities approved the merger in December 2018 while Japanese authorities approved the merger a month later 39 40 41 42 43 March 2020 SMBC Group agreed to buy a 4 9 percent stake in Ares Management As part of this agreement the group will make a US 384 million equity investment into the firm 44 45 46 47 48 SMBC Nihonbashi Branch SMBC East Tower Tokyo Japan SMBC Ashiya Station branch SMBC Kyoto BranchCorporate structure EditBusiness division Edit SMBC signage board This section needs expansion You can help by adding to it February 2020 Sumitomo Mitsui Financial Group acts as the holding company for the SMBC group The core subsidiary of the group is the banking unit Sumitomo Mitsui Banking Corporation SMBC The group s banking unit is organised in the following structure 49 Consumer Banking Unit Middle Market Unit Corporate Banking Unit Investment Banking Unit International Banking Unit Treasury Unit Compliance Unit Corporate Staff UnitThroughout the years the group has expanded into other related businesses such as leasing brokerage and asset management As of 2020 the major subsidiaries beside the banking unit include SMBC Nikko Securities SMBC Trust Bank Sumitomo Mitsui DS Asset Management Sumitomo Mitsui Finance and Leasing and Japan Research Institute JRI 11 50 Brand EditGroup name Edit The group was identified by its holding entity name Sumitomo Mitsui Financial Group SMFG until early of 2018 By March 2018 the group established SMBC Group as its master brand name Since then the corporate group has been referred to as SMBC Group instead of SMFG The press release by the company stated the move is to associate the brand with the group s core banking business Sumitomo Mitsui Banking Corporation 51 52 Corporate logo Edit SMBC Group s corporate logo uses Rising Mark sign The background color is trad green fresh green The SMBC name is shown on the right side of the rising mark with white block letters Mascot character Edit In 2014 SMBC Group created an original mascot character called Midosuke which imitates an otter 53 The body of the character is green in color the neck of it is covered by a scarf with the color similar to SMBC group s rising mark logo The character was designed by Tsuneo Goda Dwarf Co Ltd Originally it was used mainly for official LINE accounts but later it has been used as commercials character face design of cash cards or debit cards and merchandise for bank customers 54 Global operations EditSMBC Group has offices in 55 Australia Bahrain Belgium Brazil Cambodia Canada Chile China Colombia Czechia Egypt France Germany Hong Kong India Indonesia Iran Ireland Italy Japan Malaysia Mexico Mongolia Myanmar Netherlands Peru Qatar Russia Saudi Arabia South Africa South Korea Singapore Spain Taiwan Thailand The Philippines Turkey UAE United Kingdom United States VietnamOverseas subsidiaries and affiliates EditThe overseas subsidiaries and affiliates of SMBC Group are as follows 56 European Sumitomo Mitsui Banking Corporation SMBC Bank EU AG Sumitomo Mitsui Banking China Co Ltd Manufacturer s Bank Brazil Sumitomo Mitsui Banking Corporation PT Bank BTPN Tbk Russia Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Banking Malaysia SMBC Capital Markets Company UK SMBC Nikko Capital Markets Company SMBC Aviation Capital SMBC Lease Finance Company SMBC Rail Services LLC SMBC Nikko Security America Corporation SMBC Financial Services Company SMC Cayman Elsie Limited S F V I Company SMBC International Finance N V SMC Leasing Investment LLC SMC Capital Partners LLC SMBC MV ISPC SMBC DIP Limited SMBC Derivative Products Limited SMBC Capital India Sumitomo Mitsui Finance Dublin Sakura Finance AsiaAcquisitions EditSMBC Nikko Securities Edit Main article SMBC Nikko Securities The history of SMBC Nikko Securities can be traced back to Nikko Cordial Corporation which was the holding company for Nikko Cordial Securities The company was Japan s third largest brokerage until 2008 when Nikko Cordial Corporation became a wholly owned subsidiary of Citigroup upon completion of share exchange it merged with Citigroup Japan Holdings Ltd to form Nikko Citi Holdings Inc before changing its name to Citigroup Japan Holdings Corp in 2009 In October 2009 all of the operations of Nikko Cordial Securities and certain businesses of Nikko Citigroup such as the domestic stock and bond underwriting business among others were sold to Sumitomo Mitsui Banking Corporation before being reorganized into a new subsidiary company SMBC Nikko Securities Inc in April 2011 57 58 SMBC Nikko Securities becomes investment banking arm of SMBC group and offers equity and debt financing trading and merger and acquisition advisory services worldwide with the main base in Japan SMBC Aviation Capital Edit Main article SMBC Aviation Capital SMBC Aviation Capital formerly RBS Aviation Capital is one of the world s largest aircraft leasing companies Headquartered in the International Financial Services Centre in Dublin and with locations in Amsterdam Beijing Hong Kong Kyiv Moscow New York Seattle Miami Shanghai Singapore Tokyo and Toulouse the company employs 160 people In 2012 the company was acquired by the Japanese consortium of Sumitomo Mitsui Banking Corporation SMBC Sumitomo Mitsui Finance and Leasing Company Limited SMFL and Sumitomo Corporation for US 7 3 billion which was the largest ever global sale of an aircraft leasing business The sale completed on 1 June 2012 and the business was renamed SMBC Aviation Capital 59 The company currently has a portfolio of 453 aircraft 273 owned and 180 managed with a further 203 aircraft on order from Airbus and Boeing made up of a mix of A320neos A320 200s B737 800s and B737 MAXs It has more than 150 airline customers in over 50 countries worldwide including a range of traditional carriers alongside start up airlines Its strategy is to own and lease technologically advanced efficient and frequently used aircraft types SMBC Aviation Capital maintains a young fleet with an average weighted age of 4 7 years The company has a BBB rating from Fitch 60 The company is now in its 15th year in business In July 2016 the company completed a debut US 500 million unsecured notes offering which was eight times over subscribed 61 Bank BTPN Edit Bank BTPN focuses on serving the mass market segment consisting of pensioners micro small and medium enterprises MSMEs productive poor communities consuming class segment and the corporate segment in Indonesia By 2019 Sumitomo Mitsui Banking Corporation SMBC officially owns 96 9 of PT Bank Tabungan Pensiunan Negara Tbk BTPN shares This is an increase from the previous ownership which was only 39 92 The gain in the portion of SMBC shares in BTPN is in line with the acquisition of additional shares of 3 33 billion or around 56 98 conducted in January 2019 The shares transaction was carried out at IDR4 282 per share 62 63 64 Post acquisition the entity was merged with SMBC s subsidiary in Indonesia In a summary of the proposed merger of BTPN and Bank Sumitomo Indonesia the total assets and total equity of the merged bank reached a total IDR 178 trillion and IDR 26 92 trillion respectively using financial position as of May 31 2018 Upon the merger BTPN became the 8th largest bank in Indonesia by total assets 63 65 Bank of East Asia Edit Main article Bank of East Asia SMBC has an ownership in Bank of East Asia BEA In 2015 the bank increased its investment in BEA by approximately HKD 6 6 billion bringing SMBC s shareholding in BEA to 17 50 from 9 68 previously 66 67 Digital banking EditIC cash card Edit An IC cash card is a single cash card that can be used with three method of identification biometric authentication IC chip or magnetic stripe by setting the limit and registering biometric information finger vein pattern With this cash card the security of usage improved since transactions relies on IC chip recording data and the pattern of past transactions that combined IC chip recording data and biometric authentication 68 As of 2017 SMBC issued IC cash cards at the bank s counters only applicable to ordinary design deposit cash cards cards of other designs and non savings accounts are not eligible for immediate issuance 68 Blockchain Edit Several Blockchain related initiatives also has been implemented by SMBC The bank is planning to implement the use of R3 s Marco Polo trade finance blockchain the international blockchain trade finance network on a commercial basis by the end of 2020 69 70 Artificial Intelligence Edit SMBC has been an early adopter of AI in its banking operation It is the first Japanese bank to use IBM Watson since 2014 to support operators at its call center 71 AmiVoice a voice recognition solution provided by SMBC transforms inquiries into text on a real time basis as a speech recognition system while IBM Watson gives customers responses taken from service manuals and Q amp As thereby allowing digital operators to provide timely and correct answers to callers 72 Environmental policy and record EditIn 2006 SMBC was among the first Japanese Bank to adopt the Equator Principles an international set of social and environmental standards for financial institutions launched in 2003 73 The bank updated its policy to exclude the funding of ultrasupercritical coal power 74 SMBC has involved in funding renewable project finance worth three trillion yen globally 75 As one of the leading players in finance for offshore wind power and solar energy generation SMBC has been funding renewable power plant projects with a total capacity of more than 10 GW by 2018 Since 2016 the bank has supported 44 project finance deals in renewable energy area The projects consist of 20 solar energy 17 wind energy 3 Geothermal Energy 2 Hydropower 1 Biomass 1 Submarine power cable 1 waste to energy in the Americas Asia Europe and Australasia 75 76 However international environmental groups have criticized SMBC for failing to adhere to its social environmental standards because SMBC is still involved in the financing of coal projects such as the Vung Ang 2 and Nghi Son 2 coal power station in Vietnam 77 78 In December 2019 a research released at United Nations Climate Change conference named SMBC Group among the top three private lender to coal developers between January 2017 and September 2019 79 SMBC also involves as one of lead arrangers for a massive oil pipeline under construction in Uganda and Tanzania The construction of East Africa Crude Oil Pipeline is a part of a push to open oil fields around Uganda s Lake Albert to international markets which will be connected to the port of Tanga in Tanzania The required investment value is estimated at US 3 5 billion With 1 443 kilometres of length it will be the longest heated pipeline in the world International organizations warned the environmental risks to fresh water sources including Lake Victoria which supports the livelihoods of more than 30 million people in the region 80 81 82 83 Having said this news reported that SMBC is to reconsider its prolific funding of coal fired plants the first of the nation s major banks to do so 84 85 86 87 88 Sponsorships EditSMBC and Singapore Open have a title sponsorship deal since 2016 making the Singapore top golf tournament commercially known as SMBC Singapore Open The Singapore Open is a golf tournament in Singapore that is part of the Asian Tour schedule The event has been held at Sentosa Golf Club since 2005 and since 2017 has been part of the Open Qualifying Series giving up to four non exempt players entry into The Open Championship 89 90 In April 2015 Sumitomo Mitsui Banking Corporation became a Gold Partner banking category for the Olympic and Paralympic Games Tokyo 2020 91 92 Since 2014 SMBC has owned the naming rights for the Japan Series SMBC branch in Tokyo Disneyland Edit SMBC Tokyo Disneyland Branch Sumitomo Mitsui Banking Corporation is the only bank that has a branch office in Tokyo Disneyland and Tokyo DisneySea The branch is the legacy of Mitsui Bank which was a member of the Mitsui Group when Oriental Land was established Tokyo Disney Resort project was done by Mitsui Fudosan 93 The branch office in Tokyo DisneySea has an unmanned ATM section called Nihonbashi Branch Tokyo DisneySea Branch but staff are still assigned to the Urayasu Branch Tokyo Disneyland Branch store number 593 in Tokyo Disneyland The operating hours follow normal bank operational time It was possible to open an account and no limitation of total handled customers but now it is limited only to Urayasu citizens and related parties The passbook design and the card design are not different from the one issued by ordinary SMBC s branches and cannot be visually differentiated Previously the Disneyland branch office also handled foreign currency exchange 94 Note SMBC is not a participating company nor official sponsor of Tokyo Disney Resort For instance Disney characters have been used by the Bank of Mitsubishi UFJ as an image character for over half a century since it was adopted by Mitsubishi Bank in 1962 Related event EditYakuza exclusion ordinances Edit Main article Yakuza Indirect enforcement Since 2011 Japan s law regulator put series of efforts to battle organized crime activities in the country This includes exclusion ordinances that made it illegal to do business with Yakuza gang members Methods include that which brought down Al Capone such as checking the organization s finances In 2013 the Financial Services Agency Japan s financial watchdog started investigation of the three mega banks over possible ties to organised crime after Mizuho banking group was accused to lend more than US 2 million to people affiliated with organized crime groups in Japan The probe also focused on compliance practices and risk management systems of the banks 95 96 97 98 To step up the effort of dissociation with Yakuza the Japanese Bankers Association s members including SMBC Group started to compile their own lists on Yakuza and other so called anti social forces to keep undesirable persons from using their services to perform transactions 99 2012 SMBC Nikko Securities insider trading probe Edit In June 2012 an employee of SMBC Nikko securities was arrested for alleged insider trading due to the suspicion of having leaked information on tender offers The employee allegedly provided leaked information on tender offers for at least more than 10 firms to a company top personnel and other recipients One of the information was regarding management buyout bid by a wine trading house Enoteca Co before the takeover bid plan was announced in February of when it was listed on the Tokyo Stock Exchange s Second Section 100 101 102 The said employee worked for SMBC Nikko on secondment from Tokyo based Sumitomo Mitsui s banking unit since October 2009 He was the deputy head of investment banking at that time and was loaned from SMBC bank it is common for employees to be rotated to other divisions of the bank periodically He became the first banker from a major Japanese brokerage to be detained for suspected insider trading since 2008 He was ultimately convicted by Yokohama District Court in 2013 and charged with prison sentence of 2 years and 6 months 103 104 105 As a consequence of this event The Tokyo Stock Exchange fined SMBC Nikko Securities 80 million yen US 1 02 million for the violation of exchange rules 106 107 Omori branch employee fraud Edit A former deputy branch manager of the Omori branch illegally operated the foreign currency deposit transaction system from November 2015 to June 2016 The employee was accused of stealing around 190 million US 1 84 million by manipulating the bank s foreign exchange trading system 108 Hugh Rodley bank raid Edit A group of criminal hackers including Hugh Rodley security insider Kevin O Donoghue and Soho sex shop owner David Nash were found guilty of an attempted high tech robbery of 229m from Sumitomo Mitsui Banking Corporation s London branch in September 2004 Henchmen Jan Van Osselaer and Gilles Poelvoorde were also found guilty of conspiracy to steal The plot was discovered by Sumitomo Mitsui staff and no money was stolen Another accused Bernard Davies died before trial 109 Bank of East Asia dispute with Elliott Management Edit Hedge fund activist investor Elliott Management filed a lawsuit against BEA in July 2016 in Hong Kong court over a share placement transaction 110 Elliott Management which held 7 of listed shares of BEA had included majority of the bank s directors its CEO and chairman in the lawsuit The transaction in question was on BEA s issuance of new shares to Japan s Sumitomo Mitsui Banking Corp SMBC in 2015 Elliott cited allegations of unfairly prejudicial conduct and alleged serious corporate governance failings 111 In response BEA applied to have Elliott s petition against them struck out This case was heard by Mr Justice Jonathan Harris from 17 to 19 July 2017 112 Notable current and former employees EditHiroaki Shukuzawa Daizo Kusuda member of the House of Representatives Ichiro Miyashita member of the House of Representatives Yoshio Kimura member of the House of Councillors in the Japan Diet office Laurel Powers FreelingSee also EditLoans in Japan List of banks in Japan Financial services in Japan Japanese financial systemReferences Edit Company Profile Sumitomo Mitsui Banking Corporation www smbc co jp Directors Executive Officers Group CxO and Head of Business Units Retrieved 2021 06 22 a b c d e Consolidated financial results for the fiscal year ended March 31 2020 PDF Sumitomo Mitsui Financial Group Inc May 15 2020 a b c d e Sumitomo Mitsui Financial Group Inc Nikkei Asian Review Latest company presentation refer to page 36 PDF www smbcgroup com http www pfie com Journals 2019 04 11 l i l PFI Financial Q1 2019 LT pdf dead link IJGlobal Infrastructure Finance league table report PDF ijglobal com Third Quarter 2019 SMBC Group in Forbes 2000 Forbes May 2020 Retrieved June 6 2020 JRI America to set up centre in Tralee creating 100 jobs Careers siliconrepublic com Ireland s Technology News Service Silicon Republic September 30 2011 Mega Banks occupy Japanese bank market 3 July 2019 a b Group Companies Sumitomo Mitsui Financial Group www smfg co jp Yamamura Kozo 1997 The Economic Emergence of Modern Japan Volume 1 Cambridge University Press p 325 ISBN 9780521589468 a b c d e f History Sumitomo Mitsui Banking Corporation Retrieved 7 April 2015 a b Kasuya Makoto 2003 Coping with Crisis International Financial Institutions in the Interwar Period Oxford University Press pp 106 108 ISBN 9780199259311 Carpenter Susan 2014 Japan Inc on the Brink Institutional Corruption and Agency Failure Palgrave Macmillan p 49 ISBN 9781137469441 Mitsui amp Co Ltd History International Directory of Company Histories Vol 28 St James Press 1999 Retrieved 7 April 2015 History Manufacturers Bank Archived from the original on 13 April 2015 Retrieved 7 April 2015 2 Japanese Banks Merging In Preparation for New Era The New York Times 30 August 1989 Retrieved 7 April 2015 a b Strategic Intent and Sumitomo Mitsui Banking Corporation PDF Sumitomo Mitsui Banking Corporation Retrieved 7 April 2015 Toyota Rules Out Bailout Of Troubled Affiliate Bank The New York Times 19 December 1998 Retrieved 7 April 2015 Sakura Bank Opens An Internet only Bank in Japan and Plans To Back Another InformationWeek 10 January 2001 Archived from the original on 9 June 2017 Retrieved 7 April 2015 a b c d e f g Sumitomo Group Japanese business consortium Encyclopedia Britannica Oka Takashi 24 December 1982 A positive management style takes root in Japan Christian Science Monitor Retrieved 7 April 2015 Vrana Debora 26 March 1998 Sumitomo to Sell California Subsidiary to Utah Company Retrieved 7 April 2015 Japan Banks to Merge With Wider Effects The New York Times 15 October 1999 Retrieved 7 April 2015 Newswires Dow Jones January 2 2002 Sumitomo Mitsui to Sell Its Entire Stake In Goldman Sachs for 794 Million Wall Street Journal via www wsj com Nakata Hiroko November 26 2004 As bad loan worries finally recede banks turn attention to weak profits The Japan Times SMBC disbands and merges with subsidiary The Japan Times March 18 2003 Newswires Dow Jones December 25 2002 Sumitomo Mitsui s Core Bank To Merge With Regional Unit Wall Street Journal via www wsj com http www smbc co jp pdfPDF Sumitomo Mitsui Banking Corporation a b SMBC Group Annual Report 2018 PDF www smfg co jp Sumitomo Mitsui Financial Group Retrieved 14 February 2020 Fuse Taiga Uranaka March 31 2017 New chief of Japan s SMBC bank actively studying acquisition of US bank Reuters via www reuters com SMBC cites overseas growth spur Japanese cover quality The Covered Bond Report SMBC Group listing detail Fukase Atsuko December 15 2015 Sumitomo Mitsui unit to buy GE s Japan Leasing Business The Wall Street Journal Retrieved March 6 2018 Sumitomo Mitsui Finance and Leasing completed the acquisition of General Electric Group s leasing business in Japan Press release Sumitomo Mitsui Finance and Leasing Company Retrieved March 6 2018 Fackler Martin August 2 2004 Banking Duel in Japan Signals End of Old Ways The Wall Street Journal Retrieved July 27 2019 Sumitomo buys into U K s Barclays The Japan Times July 19 2008 Info PDF www btpn com Retrieved 2020 02 14 Franedya Roy Merger Rampung Ini Susunan Komisaris amp Direksi Bank BTPN market Franedya Roy Sah BTPN Merger dengan SMBCI Apa Nama Barunya market Banjarnahor Donald Dapat Restu OJK Jepang amp RI BTPN Merger Bulan Ini market Ananta Yanurisa Merger BTPN Sumitomo Tinggal Tunggu Persetujuan OJK Jepang market Japan s SMBC to acquire 4 9 stake in Ares Management for 384m Vandevelde Mark 30 March 2020 Japanese bank SMBC agrees cash infusion for Ares Financial Times Ares Management Corporation and Sumitomo Mitsui Banking Corporation Announce Strategic Agreement and Equity Transaction www businesswire com March 30 2020 Kim Adalla April 2 2020 Ares sells stake to Japan s SMBC Visconti Ambrogio Ares Management Corporation s Agreement With SMBC Group Global Legal Chronicle Organization Sumitomo Mitsui Banking Corporation www smbc co jp Directors Executive Officers Group CxO and Head of Business Units Sumitomo Mitsui Financial Group www smfg co jp SMFG Press Release on the use of SMBC Group as master brand PDF Sumitomo Mitsui Financial changes group brand to SMBC www spglobal com ミドすけとミドすけファミリー 三井住友銀行 www smbc co jp TVCM ミドすけ の声は誰 三井住友銀行のキャラクターグッズが可愛い CMTV News March 1 2016 Asia Oceania Sumitomo Mitsui Banking Corporation www smbc co jp Group Companies Sumitomo Mitsui Banking Corporation www smbc co jp History SMBC Nikko Securities Inc www smbcnikko co jp Citi to Sell Nikko Cordial Securities to Sumitomo Mitsui Banking Corporation and to Forge Alliance with Sumitomo Mitsui Financial Group www citigroup com RBS in 7 3bn sale of Dublin based aircraft business The Irish Times Retrieved 2017 03 14 Fitch Upgrades SMBC Aviation Capital Limited s IDR to BBB Outlook Stable www businesswire com 9 December 2015 Retrieved 2017 03 14 Profits at aircraft lessor SMBC Aviation Capital hit 530 million The Irish Times Retrieved 2017 03 14 Bank Jepang Resmi Kuasai 96 9 Persen Saham BTPN ekonomi a b Lavinda Merger BTPN dan Bank Sumitomo Hasilkan Aset Rp179 Triliun Cnnindonesia com Retrieved 2020 02 14 Sekilas BTPN BTPN www btpn com Bosnia Tito Pasca Merger BTPN Jadi Bank Aset Terbesar Kedelapan di RI market News Release Sumitomo Mitsui Banking Corporation www smbc co jp News release PDF www hkbea com 2015 Retrieved 2020 02 14 a b キャッシュカード ICキャッシュカード 商品詳細 三井住友銀行 www smbc co jp SMBC A commitment to technology The Business Times November 17 2017 SMBC announces completion of PoC utilizing blockchain based platform Marco Polo October 18 2019 Finextra September 27 2019 SMBC picks DefinedCrowd for AI training data Finextra Research 三井住友カード コールセンター向け音声認識ソリューション AmiVoice Communication Suite2 を導入 ニュースリリース一覧 会社案内 クレジットカードの三井住友カード株式会社 クレジットカードの三井住友VISAカード Reporting Sumitomo Mitsui Banking Corporation 2016 The Equator Principles Japanese bank policies Market Forces www marketforces org au a b Establishment of Renewable Energy Fund Sumitomo Corporation Track Record in Project Finance for Renewable Energy Projects Overseas Sumitomo Mitsui Financial Group www smfg co jp Coal Power Expansion Plans Slow in Vietnam But Banks Haven t Gotten the Memo The Understory Rainforest Action Network Vung Ang 2 Market Forces www marketforces org au Japan s mega banks named as world s biggest lenders for new coal plants www japantimes co jp 7 December 2019 International Call on Banks Don t finance the East Africa Crude Oil Pipeline Banktrack East African oil pipeline would cause more emissions than Denmark www chinadialogue net 16 January 2020 East African Crude Oil Pipeline EACOP www banktrack org Equator Banks Act www equatorbanksact org SMBC is the first Japanese bank to rethink coal financing policy Global Trade Review GTR May 23 2018 Sumitomo Mitsui Financial Group to halt funding for coal plants Asian Banking amp Finance Submission Internal April 16 2020 Sumitomo Mitsui and Mizuho to end lending for new coal fired plants The Japan Times Japan s Third Largest Bank SMBC Group In Discussions To Finance New Coal Export Terminal in California Amidst Pledge to Quit Coal Power Rainforest Action Network Japan s Sumitomo Mitsui bank to stop making loans for new thermal coal plants report March 30 2020 SMBC extend Singapore Open until 2021 January 17 2018 Wong Lester January 17 2018 Golf SMBC extends Singapore Open deal for three more years The Straits Times Sumitomo Mitsui Financial Group Inc The Tokyo Organising Committee of the Olympic and Paralympic Games The Tokyo Organising Committee of the Olympic and Paralympic Games Sponsorships Sumitomo Mitsui Banking Corporation www smbc co jp The Mitsui Fudosan Group A History of Value Creation Mitsui Fudosan ESG Report 2019 The Mitsui Fudosan Group A History of Value Creation 東京ディズニーリゾート オフィシャルウェブサイト www tokyodisneyresort jp McCurry Justin October 30 2013 Japan s three biggest banks face yakuza links inquiry via www theguardian com Traywick Catherine A Are Japan s Biggest Banks in Bed with the Yakuza Japan mob loans scandal deepens as another major bank admits business links with yakuza The Straits Times November 1 2013 Yakuza banking scandal extends to MUFG and Sumitomo In Other News October 30 2013 Martin Alex January 4 2018 Japan s banks secure access to police agency database to help screen for yakuza and other anti social forces The Japan Times SMBC Nikko 2 businessmen investigated for suspected insider trading Free Online Library www thefreelibrary com Ex SMBC Nikko exec allegedly leaked info on 10 plus firms Free Online Library www thefreelibrary com Docket Securities Japan SMBC Nikko faces insider trading probe Former SMBC Nikko banker arrested in insider trading probe gulfnews com Inagaki Kana June 26 2012 Former SMBC Nikko Executive Arrested Wall Street Journal via www wsj com Ex SMBC Nikko Executive s Insider Trading Conviction Upheld Bloomberg com 25 September 2015 Tokyo Stock Exchange says fines SMBC Nikko over insider trading Reuters August 7 2012 via in reuters com Hirata Emi Emoto April 13 2012 Japan regulator to seek penalties against Nikko SMBC sources Reuters via www reuters com Former SMBC banker arrested for allegedly stealing 190 million The Japan Times October 12 2016 Lord of Fraud Hugh Rodley jailed for eight years for attempt to steal from Sumitomo Mitsui Banking Corporation March 5 2009 via www theguardian com Elliott sues Bank of East Asia over share sales escalating dispute Reuters 2016 07 18 Retrieved 2018 05 01 Elliott ramps up pressure on Bank of East Asia with lawsuit China Daily Asia 2016 07 18 Retrieved 2018 05 01 What is Bank of East Asia and Elliott s dispute about South China Morning Post 2017 07 18 Retrieved 2018 05 01 External links EditOfficial website in Japanese Official website in English Portal Banks Retrieved from https en wikipedia org w index php title Sumitomo Mitsui Banking Corporation amp oldid 1127968126, wikipedia, wiki, book, books, library,

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