Sumitomo Mitsui Banking Corporation
|Predecessor||The Wakashio Bank, Ltd. (Renamed on April 1, 2001)|
|Founded||June 6, 1996|
(The Sakura Bank, Ltd.: July, 1876)
(The Sumitomo Bank, Ltd.: November, 1895)
Number of locations
|444 branches (as of September 30, 2009)|
|Revenue||¥2,108,724 million (non-consolidated, March 2011)|
|¥218,075 million (non-consolidated, March 2011)|
|¥421,180 million (non-consolidated, March 2011)|
|Total assets||¥115,484,907 million (non-consolidated, as of March 31, 2011)|
|Total equity||¥5,559,293 million (non-consolidated, as of March 31, 2011)|
Number of employees
|22,524 (as of March 31, 2011)|
|Parent||Sumitomo Mitsui Financial Group|
|Subsidiaries||Nikko Cordial Securities|
|Website||Sumitomo Mitsui Banking Corporation|
Sumitomo Mitsui Banking Corporation (SMBC; 株式会社三井住友銀行, Kabushikigaisha mitsui sumitomo ginkō) is a Japanese multinational banking and financial services company headquartered in Yurakucho, Chiyoda, Tokyo, Japan. It is a wholly owned subsidiary of Sumitomo Mitsui Financial Group. SMBC is the second largest bank in Japan by assets. It maintains a presence in all global financial centres as the 14th largest banking institution in the world.
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; 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.
- April 2001: Sakura Bank and Sumitomo Bank merge to form Sumitomo Mitsui Banking Corporation. (Capital stock: ¥1,276,7 billion)
- December 2002: Sumitomo Mitsui Banking Corporation (SMBC) establishes 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) merges with SMBC.
- August 2004: SMBC launches competing bid to acquire ailing Japanese bank UFJ, challenging a takeover of UFJ by the 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.
- July 2008: Sumitomo Mitsui buys a 2.1 per cent stake in Barclays Bank for £500m.
- April 2008: A group of criminal hackers including Hugh Rodley, security insider Kevin O'Donoghue and Soho sex shop owner David Nash are 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.
- March 2015, Sumitomo Mitsui Banking Corporation 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.
The Sumitomo Mitsui Banking Corporation is organised in the following structure:
- Consumer Banking Unit
- Middle Market Unit
- Corporate Banking Unit
- Investment Banking Unit
- International Banking Unit
- Treasury Unit
- Compliance Unit
- Corporate Staff Unit
- Fackler, Martin (August 2, 2004). "Banking Duel in Japan Signals End of Old Ways". The Wall Street Journal. Retrieved July 27, 2019.
- Organization : Sumitomo Mitsui Banking Corporation