Sumitomo Mitsui Financial Group
Categories
#224
Rank
$81.71B
Marketcap
Japan
Country
Arthur M. Mitchell (Board Member)
Atsuhiko Inoue (Board Member)
Financial and Banking
Summary
Sumitomo Mitsui Financial Group, Inc. and its subsidiaries provide a wide range of financial services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania. The company is divided into four segments: Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit. The Wholesale Business Unit primarily serves large, mid-sized, and small corporate clients with financial solutions related to financing, investment management, risk hedging, settlement, and advisory services for mergers and acquisitions. This unit also offers leasing services and digital services such as electronic contract services and robotic process automation.
The Retail Business Unit focuses on providing wealth management, consumer finance, housing loan products, settlement services, and business and asset succession services to high-net-worth customers. The Global Business Unit offers loans, deposits, clearing services, trade finance, project finance, loan syndication, derivatives, cash management services, and leasing services for construction machinery, transportation equipment, industrial machinery, medical equipment, and aircraft leasing. The Global Markets Business Unit provides solutions through foreign exchange products, derivatives, bonds, stocks, and other marketable financial products, and undertakes asset liability management operations.
In addition to these core services, Sumitomo Mitsui Financial Group, Inc. also offers credit card services, internet banking, system development and engineering, data processing, management consulting and economic research, and investment advisory and investment trust management services. The company was founded in 2002 and is headquartered in Tokyo, Japan.
History
Sumitomo Mitsui Financial Group, Inc. (SMFG) is a Japanese financial services company headquartered in Tokyo, Japan. The company is one of the largest banks in Japan and the world, with a long and storied history that dates back over 400 years.
The origins of SMFG can be traced back to the founding of the Sumitomo family business in the early 17th century. The Sumitomo family was originally involved in copper mining and smelting, and over time they expanded into other industries such as finance and trading.
In 1895, the Sumitomo family established the Osaka Sumitomo Bank, which became one of the largest banks in Japan by the mid-20th century. Meanwhile, Mitsui Bank was founded in 1876 and also grew to become one of the largest banks in Japan.
In 1996, Sumitomo Bank and Mitsui Bank merged to form Sumitomo Mitsui Banking Corporation (SMBC). The merger was part of a larger trend in the Japanese banking industry to consolidate in the face of economic and regulatory pressures.
SMBC continued to expand its operations both domestically and internationally, and in 2001 it acquired the Long-Term Credit Bank of Japan (LTCB), which had been nationalized due to financial difficulties. The acquisition of LTCB helped SMBC to become one of the largest banks in Japan in terms of assets.
In 2003, SMBC and its subsidiaries were integrated into a new holding company called Sumitomo Mitsui Financial Group, Inc. (SMFG). SMFG became the parent company of SMBC, as well as other subsidiaries such as Sumitomo Mitsui Trust Bank, Sumitomo Mitsui Card Company, and Sumitomo Mitsui Finance and Leasing Company.
Since its formation, SMFG has continued to grow and expand both in Japan and internationally. In 2008, it acquired Nikko Cordial Securities, one of Japan's largest brokerage firms, which was renamed SMBC Nikko Securities. In 2012, SMFG acquired RBS Sempra Commodities, a commodities trading business, which was renamed SMBC Nikko Commodities.
In recent years, SMFG has focused on expanding its operations in Asia, particularly in China and Southeast Asia. In 2016, it acquired a 15% stake in Hengfeng Bank, a Chinese commercial bank, and in 2018 it established a joint venture with Fullerton Financial Holdings to provide banking services in Southeast Asia.
Today, SMFG is one of the largest financial institutions in the world, with total assets of over 400 trillion yen (approximately $3.6 trillion USD) as of 2021. It is also one of the most profitable banks in Japan, with a net income of over 700 billion yen (approximately $6.3 billion USD) in fiscal year 2020.
Throughout its history, SMFG has demonstrated a commitment to innovation and adaptation in response to changing economic and regulatory environments. As it continues to grow and expand, it remains one of the most important players in the global financial industry.
Mission
Sumitomo Mitsui Financial Group, Inc. (SMFG) has a strong commitment to meeting the financial needs of its customers. The company strives to offer a wide range of financial services that not only support the growth and development of its clients but also create a stable foundation for long-term prosperity.
Vision
Sumitomo Mitsui Financial Group aims to become the foremost financial services provider worldwide, delivering unparalleled advice and services to clients worldwide. This vision underscores SMFG's commitment to excellence, innovation, and customer satisfaction, which have been hallmarks of the company's operations for over 400 years.
Key Team
Eriko Sakurai (Board Member)
Eriko Sakurai (Board Member)
Haruyuki Nagata (Board Member)
Fumiharu Kozuka (Senior Managing Executive Officer & Head-Audit)
Katsunori Tanizaki (Senior Managing Executive Officer)
Gotaro Michihiro (Executive Vice President & Head-Wholesale Business)
Katsuyoshi Shinbo (Board Member)
Haruyuki Nagata (Board Member)
Koichi Miyata (Board Member)
Katsunori Tanizaki (Senior Managing Executive Officer)
Kozo Ogino (Board Member)
Katsuyoshi Shinbo (Board Member)
Makoto Takashima (President)
Koichi Miyata (Board Member)
Jun Ohta (CEO)
Arthur M. Mitchell (Board Member)
Atsuhiko Inoue (Board Member)
Recognition and Awards
Products and Services
Here are some of the key products and services offered by SMFG:
Banking Services: SMFG provides a variety of banking services, including deposit accounts, loans, credit cards, and foreign exchange services. The bank offers a range of deposit accounts such as savings, current, and time deposit accounts, with competitive interest rates.
Investment Services: SMFG offers investment services that include asset management, securities brokerage, and underwriting services. The bank offers a range of investment products, such as stocks, bonds, mutual funds, and structured products.
Insurance Services: SMFG provides various types of insurance services, including life insurance, non-life insurance, and health insurance. The bank offers a range of insurance products, including term insurance, whole life insurance, critical illness insurance, and accident insurance.
Corporate and Investment Banking: SMFG offers corporate and investment banking services, including syndicated loans, project financing, and merger and acquisition advisory services. The bank also provides capital market services such as debt and equity underwriting, asset securitization, and structured finance.
Wealth Management: SMFG offers wealth management services to high-net-worth individuals, providing tailored investment solutions and financial planning services.
Global Banking: SMFG offers a range of global banking services, including trade finance, cash management, and correspondent banking. The bank has a strong presence in Asia and offers a range of services to clients across the region.
References
https://en.wikipedia.org/wiki/Sumitomo_Mitsui_Banking_Corporation
https://www.zippia.com/sumitomo-mitsui-financial-group-careers-1411427/
https://www.crunchbase.com/organization/sumitomo-mitsui-banking-corporation
https://www.companieshistory.com/sumitomo-mitsui-financial-group-smfg/
https://sec.report/CIK/0001022837
https://companiesmarketcap.com/largest-companies-by-revenue/
https://markets.ft.com/data/equities/tearsheet/summary?s=8316:tyo
https://www.annualreports.com/Company/sumitomo-mitsui-financial-group-inc
https://www.globaldata.com/company-profile/sumitomo-mitsui-financial-group-inc/
https://finance.yahoo.com/quote/SMFG/
https://www.weforum.org/organizations/sumitomo-mitsui-financial-group-smfg
Arthur M. Mitchell (Board Member)
Atsuhiko Inoue (Board Member)
Financial and Banking