Sumitomo Mitsui Financial Group
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Sumitomo Mitsui Financial Group, Inc. (SMFG; 株式会社三井住友フィナンシャルグループ Kabushiki kaisha Mitsui Sumitomo Finansharu Gurūpu) is a Japanese bank holding / financial services company established by Sumitomo Mitsui Banking Corporation, the second largest bank in Japan by market value (as of November 2009).
|Traded as||TYO: 8316|
TOPIX Core 30 Component
|Industry||Banking, Financial services|
|Founded||December 2, 2002|
|Revenue||¥3.812 trillion (2017)|
|¥889.598 billion (2017)|
|Total assets||¥192.175 trillion (2017)|
|Total equity||¥12.495 billion (2017)|
Number of employees
|Subsidiaries||Sumitomo Mitsui Banking Corporation|
SMBC Friend Securities Co., Ltd.
Sumitomo Mitsui Financial Group, Inc. (SMFG) was established in December 2002 through a share transfer from Sumitomo Mitsui Banking Corporation. SMFG's shares become listed on the first section of the Tokyo Stock Exchange, the Osaka Securities Exchange and the Nagoya Stock Exchange. 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.
In September 2014, Sumimoto raised profit estimates 39 percent. In December of that year, the company announced that it would acquire Citigroup’s Japanese consumer banking business for a fee of around $334 million.
- "FY 2017 Annual Report" (PDF). Sumitomo Mitsui Financial Group. Retrieved August 21, 2018.
- Finch, Gavin; Hyuga, Takahiko (January 17, 2012). "Sumitomo Mitsui to Buy RBS's Aviation Division for $7.3 Billion". San Francisco Chronicle. Archived from the original on January 20, 2012.
- "Japan's SMFG raises H1 net profit estimate by 39 pct". Reuters. September 29, 2014. Retrieved March 6, 2018.
- Sumitomo Mitsui to buy Citigroup's Japan retail unit. Reuters, 9 December 2014
- 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.