Jump to content

Sumitomo Mitsui Financial Group

From Wikipedia, the free encyclopedia
(Redirected from SMBC Group)
Not to be confused with Sumitomo Mitsui Trust Holdings or Mitsui Sumitomo Insurance Group.
"Manufacturers Bank" redirects here. For other banks with similar names, see Manufacturers Bank (disambiguation).
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
Native name
株式会社三井住友フィナンシャルグループ
Company typePublic
TYO: 8316
NYSE: SMFG
TOPIX Core 30 Component
IndustryFinancial services
PredecessorSumitomo Mitsui Banking Corporation
FoundedDecember 2, 2002; 21 years ago (2002-12-02)
Headquarters1-2, Marunouchi 1-chome,
Kanda, Chiyoda, Tokyo
,
Japan
Key people
  • Takeshi Kunibe (chairman)
  • Toru Nakashima (CEO)
Subsidiaries
Websitewww.smfg.co.jp

Sumitomo Mitsui Financial Group, Inc. (株式会社三井住友フィナンシャルグループ), initialed as SMFG until 2018 and SMBC Group since, is a major Japanese financial services group and holding company. It is the parent of Sumitomo Mitsui Banking Corporation (SMBC), SMBC Trust Bank, and SMBC Nikko Securities. SMBC originates from the 2001 merger of Sumitomo Bank with the Sakura Bank, itself a successor to the Mitsui Bank, and the group holding entity was created in December 2002 after which SMBC became its wholly-owned subsidiary.

SMBC 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. It 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.[1][2] It is headquartered in the Marunouchi neighborhood of Tokyo.[3]

SMBC Group is the second-largest of Japan's three so-called megabanks, with $2 trillion of total assets at end-March 2023, behind Mitsubishi UFJ Financial Group ($2.9 trillion) and just ahead of Mizuho Financial Group ($1.9 trillion).[4] As of May 2020, SMBC group was listed as 80th largest public company in the world according to Forbes ranking.[5] In 2023, the company’s rank in Forbes Global 2000 was 86.[6] Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.

History

[edit]
See also: Mitsui Takatoshi, Mitsui Bank, Sumitomo Bank, Taiyo Kobe Bank, and Sakura Bank
Hibiya Mitsui Building (1960), headquarters of the Sumitomo Mitsui Financial Group from its formation until 2010 (and before that, head office of Mitsui Bank); later demolished and replaced with the Tokyo Midtown Hibiya development
SMBC East Tower, Tokyo, part of the SMBC Group head office complex in Otemachi
Shin-Marunouchi Building facing Tokyo Station, hosting the head office of SMBC Nikko Securities

SMBC was formed by the merger of the Sumitomo Bank and Sakura Bank in April 2001. Its history could be viewed as going back to 1683, the date of first documented banking operations by Mitsui Takatoshi. The group's two main historical components, Mitsui Bank and Sumitomo Bank, were established as modern private banks in the Meiji era, in 1875 and 1895 respectively. SMBC Group also incorporates several of the National Banks in Meiji Japan which were numbered in accordance with their chronological date of establishment until 1880:

  • the 5th National Bank, est. 1875 in Osaka, formed by former Samurai from the Satsuma Domain and merchants from Northern Kyushu,[7]: 211  later relocated to Tokyo and merged 1898 into the 32th Bank (see below);
  • the 15th National Bank, est. 1877 in Tokyo, reorganized 1897 as Fifteenth (Jugo) Bank [ja], collapsed 1927 in that year's financial crisis, eventually merged 1944 into Teikoku Bank;
  • the 32nd National Bank, est. 1878 in Osaka, merged 1920 into the Fifteenth Bank;
  • the 38th National Bank, est. 1878 in Himeji, merged 1936 with several other local banks to form the Bank of Kobe [ja], itself merged 1973 with Taiyo Bank to form Taiyo Kobe Bank;
  • the 51st National Bank, est. 1878 in Kishiwada, merged 1940 with several other banks to form Hannan Bank, itself merged 1945 into Sumitomo Bank;
  • the 55th National Bank, est. 1878 in Izushi, merged 1928 with Tajima Bank, which itself was absorbed by the Bank of Kobe in 1945;
  • the 56th National Bank, est. 1878 in Akashi, later Goroku Bank, another participant in the merger that formed the Bank of Kobe in 1936;
  • the 61st National Bank [ja], est. 1878 in Kurume, acquired 1912 by Sumitomo Bank;
  • the 65th National Bank [ja], est. 1878 in Tottori, acquired 1928 by Kobe Okazaki Bank (est. 1917) which was another of the banks that formed the Bank of Kobe in 1936;
  • the 94th National Bank, est. 1878 in Tatsuno, absorbed 1917 by the 38th Bank;
  • the 106th National Bank, est. 1878 in Saga, acquired 1941 by Sumitomo Bank;
  • the 131st National Bank, est. 1879 in Kasukabe then relocated to Kano, merged 1881 into the 32nd National Bank;
  • the 137th National Bank, est. 1879 in Sasayama, split 1942 into two banks, one of which was absorbed by the Bank of Kobe;
  • the 142nd National Bank, est. 1879 in Chōshi, merged 1881 into the 32nd National Bank.

At the time of the merger, the combined entity was of similar size to Deutsche Bank and to the pending merger that would soon form Mizuho Bank.[8]

Early years

[edit]

The newly created bank was plagued with bad assets from the Japanese banking crisis. This led to several corporate actions taken by SMBC to clean up its balance sheet and raise capital, including writing off non-performing loans and selling its stake in Goldman Sachs.[9][10]

SMBC announced on July 30, 2002 that it would establish a holding company by December and reorganize three related companies, its subsidiary Sumitomo Mitsui Card Company, Sumitomo Mitsui Bank Leasing, and The Japan Research Institute, a sister think tank, as subsidiaries of the holding company. The holding company had a capital of 1 trillion yen, and SMBC CEO Takashi Nishikawa and Chairman Akira Okada each served as president and chairman of the holding company.[11]

In July 2002, SMBC announced that it would repay 2,000 billion yen of public funds, which had been accepted in the form of perpetual subordinated bonds. The funds were part of a total of 1.5 trillion yen that had been injected into the Japanese banking system following the financial crisis of the late 1990s.[12] In 2005, SMBC announced a three-year repayment plan, and in October of that year, it repaid an additional 323.6 billion yen.[13] SMFG initially targeted repaying all of its public funds by the end of the 2006 fiscal year. Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group (MHFG) also had the same goal. These moves were due to a number of factors, including the active resolution of non-performing loans, which had stabilized the financial system, and the increased repayment capacity of the banks. The Financial Services Agency had also encouraged banks to repay their funds early, and some banks, which were reluctant to have their management interfered with by the authorities, had responded.[14]

In December 2002, SMBC began considering a takeover of the Aozora Bank, which was established after the collapse of the former The Nippon Credit Bank. The Aozora Bank President Hiroshi Maruyama expressed reservations about the proposal, as it would have made it difficult for the bank to go public and repay public funds from the proceeds of the IPO.[15] SMBC competed with a joint venture between the US investment firm Cerberus and the German bank HypoVereinsbank, and the US financial company GE Capital. The offer price was about 100 billion yen, and Cerberus also offered the same amount. However, Cerberus, as a major shareholder of Aozora Bank with a 12% stake, had the right to purchase the bank first if the offer price was the same as that of the other bidders.[16] In April 2003, Cerberus announced the acquisition of the Aozora Bank.[17]

In March 2003, SMBC initiated a reverse merger with its subsidiary, Wakashio Bank (est. June 1996), 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.[18] The purpose of the merger was to generate about 2 trillion yen in book profits (merger surplus) by making the Wakashio Bank the surviving company, and to eliminate the hidden losses of SMBC, such as those on stocks.[19][20] 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.[21] 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.[22]

On July 14, 2004, UFJ Holdings announced that it had decided to enter into negotiations with Mitsubishi Tokyo Financial Group (MTFG) for a management integration. In response, on July 30, SMFG announced that it had made a management integration proposal to UFJ.[23] On August 8, it was reported that SMFG had sent a formal proposal document summarizing the detailed terms of the integration plan to MTFG.[24] In response to MTFG's plan to provide an investment of approximately 500 billion yen, SMFG said that it would invest at least 500 billion yen and up to 700 billion yen.[25] SMFG proposed a merger ratio of "1 to 1." The recent stock prices of SMFG and UFJ were 1 to 0.77 on average over the past six months, which was an exceptionally favorable condition for UFJ shareholders.[26] However, in February 2005, MTFG and UFJ signed a merger agreement with a merger ratio of "1 to 0.62." SMFG officially decided to withdraw its management integration proposal to UFJ and notified UFJ in writing.[27] On January 1, 2006, MTFG and UFJ Holdings merged to form Mitsubishi UFJ Financial Group. While SMBC eventually lost the contest, it was credited with increasing competition within Japan's once staid banking industry.[28]

In February 2005, it was revealed that SMFG was in negotiations with Daiwa Securities Group, with a view to a possible merger of the two companies. The two groups had already established a joint venture, Daiwa Securities SMBC, a specialist in corporate transactions, but they were considering merging their holding companies to achieve a complete integration of the groups as a whole. They hoped to achieve this as early as the 2005 fiscal year.[29] However, on April 8, Daiwa Securities Group Holdings President Shigeharu Suzuki said, "There are no benefits to a merger at this time, and we have no plans to begin negotiations with Sumitomo Mitsui Financial Group."[30]

In September 2006, SMFG acquired SMBC Friend Securities, which was a majority-owned subsidiary of SMBC with a 40% stake.[31]

SMFG announced on October 17, 2006, that it had repaid all of its public funds. MUFG repaid the funds it had inherited from its predecessor, UFJ Bank, in June. MHFG repaid its public funds in July, which had once approached 3 trillion yen.[32][33] SMFG had initially targeted repaying its public funds by the end of the fiscal year, but it moved up the repayment schedule out of concern that it would be "half a lap behind" the other megabanks.[33]

In December 2006, SMFG announced that it would consolidate its headquarters functions in the Ōtemachi district of Tokyo. Since the merger in 2001, SMFG had its head office in the former Mitsui Bank building in Hibiya, with some headquarters functions in Marunouchi.[34][35] The new headquarters is located next to the former Sumitomo Bank building, and the move was completed in October 2010. SMFG President Masayuki Oku said, "By consolidating our headquarters, we can improve efficiency and realize advanced and fast-paced operations."[36]

Subsequent development

[edit]
SMFG brand identity used until 2018
SMBC Asia hub is located in Centennial Tower in Singapore

On April 27, 2007, SMFG and Mitsui & Co. announced that they would invest a total of ¥400 billion in Central Finance Co., Ltd, a credit card company affiliated with MUFG Group. SMFG would effectively own 20% of CF, giving it a controlling stake.[37] This move was seen as an effort by SMFG to strengthen its credit card business, which was lagging behind those of other megabanks.[38] The move was initiated by CF last summer, without the knowledge of MUFG. Central Finance had been in talks with SMFG since then. Meanwhile, MUFG had been trying to merge CF with its close credit card company, Jaccs. However, CF President Tatsuo Tsutikawa and other executives opposed MUFG's plan. "It was not an option for us to stay with MUFG," Tsutikawa said. "Our unique characteristics would not have been allowed to flourish."[39] At that time, CF was also considering a merger with Quoq Card, a credit card company in the SMFG.[39]

In July 2007, SMBC acquired a portion of the shares of Daiei's credit card subsidiary, OMC Card, from the struggling retailer for ¥74.8 billion. SMBC then became OMC Card's parent company.[40][41] With the addition of OMC Card to its existing subsidiaries, Sumitomo Mitsui Card and Central Finance, SMBC's total cardholder base exceeded 40 million, surpassing its rival, Mitsubishi UFJ NICOS (37 million).[40] SMBC President Masayuki Oku said, "We want to build a group that balances the strengths of banks, credit card companies, and retail card companies."[42]

In July 2008, SMBC Group bought a 2.1 percent stake in Barclays Bank for £500m.[43]

Since 2008, the Singapore branch has become SMBC's regional hub in Asia Pacific while global headquarters is still maintained in Tokyo, Japan.[44][45][46]

In February 2009, Citigroup, a US financial company in the midst of a restructuring, announced its intention to sell its Japanese subsidiary, Nikko Cordial Securities, a retail brokerage firm. SMFG, along with MUFG and MHFG, expressed its intention to buy the company.[47] In the final round of bidding on April 20, SMFG submitted the highest bid. On May 2, SMFG officially announced the acquisition of Nikko Cordial Securities and the major businesses of Nikko Citigroup Securities for ¥545 billion.[48] In October 2009, SMBC purchased 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, before reorganizing them into a new subsidiary company, SMBC Nikko Securities Inc., in April 2011.[49][50] 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.

In April 2009, SMFG began considering a preliminary merger of its corporate brokerage business with Daiwa Securities Group, as part of a comprehensive partnership. The corporate brokerage firm Daiwa Securities SMBC, in which SMFG owns 40% and Daiwa owns 60%, was to be merged with part of Nikko Citigroup Securities, with SMFG increasing its stake in the new entity.[51] On May 12, 2009, Daiwa Securities Group President Shigeharu Suzuki said, "a merger of Daiwa Securities SMBC and the major departments of Nikko Citigroup Securities was natural given the two companies' competition." He also said, "a full-scale merger of Daiwa Securities (a retail brokerage firm) and Nikko Cordial Securities was not in the cards."[52] However, the full-scale negotiations that began in mid-July dragged on longer than expected. SMFG wanted to increase its stake in Daiwa SMBC from 40% to over 50%, but Daiwa was reluctant.[53] On September 10, 2009, SMFG and Daiwa Securities Group announced that they would dissolve the joint venture for Daiwa Securities SMBC. Daiwa would buy all of the SMFG-owned shares, which represented 40% of the total, for ¥173.9 billion. Daiwa Securities SMBC would be renamed Daiwa Securities Capital Markets and become a wholly owned subsidiary of Daiwa.[54]

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).[44]

In 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%. In January 2019, SMBC 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.[55][56][57][58][59]

In April 2016, Sumitomo Mitsui Finance and Leasing completed the acquisition of General Electric Group's Japan-based leasing business.[60][61]

In January 2019, Sumitomo Mitsui Banking Corporation (SMBC) raised its stake in PT Bank Tabungan Pensiunan Negara Tbk (BTPN) to 96.9 percent, increasing its position from its previous 39.92% stake at IDR4,282 per share.[62][63][64] 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. 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 31 May 2018. Upon the merger, BTPN became the 8th largest bank in Indonesia by total assets.[63][65] In August 2024, BTPN changed its name to PT Bank SMBC Indonesia Tbk.[66][67][68][69]

In 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.[70][71][72][73][74]

In April 2023, SMBC announced a plan to triple its stake in US investment bank Jefferies Financial Group bringing total ownership to as much as 15%. It was part of a broader collaboration between the two companies that would allow SMBC to take on larger rivals while advising and lending to investment-grade companies globally, in addition to working in leveraged finance and mergers and acquisitions.[75]

In August 2024, it was reported that SMBC Group was in the race with Emirates NBD to acquire a majority stake in Yes Bank.[76][77][78][79][80][81]

Group structure

[edit]

Business divisions

[edit]
SMBC Kyoto Branch
SMBC Ashiya Station branch
SMBC signage board

The core subsidiary of the SMBC Group is the banking unit, Sumitomo Mitsui Banking Corporation (SMBC).

The group's banking unit is organised in the following structure:[82]

  • 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).[83][84]

Corporate governance

[edit]

As of 2024, SMBC group operates with a Board of Directors comprising 13 members with diverse expertise, experience, and backgrounds, including a variety of genders and nationalities. A majority of the board—seven members—are outside directors. The chairman of the board, who does not have responsibilities related to day-to-day business operations, provides independent oversight of the executive officers and directors.

Outside directors also chair and serve on both legally mandated and voluntarily established committees. These directors can request reports on compliance, risk management, and other key matters, helping ensure that the company's governance system operates effectively and independently.

Over the years, the group has made several adjustments to its governance framework. In 2002, it established voluntary Nominating, Compensation, and Risk Committees as internal committees of the Board of Directors, followed by the addition of an Audit Committee in 2005. The company listed its shares on the New York Stock Exchange in 2010 to enhance transparency in financial reporting and diversify funding methods. In 2015, SMFG formalized its corporate governance guidelines.

By 2017, the group transitioned to a Company with Three Committees structure, increasing the number of outside directors and appointing them as chairpersons of the three legally mandated committees. In 2024, outside directors constituted the majority of the Board of Directors. A Sustainability Committee was also established in 2021, chaired by an outside director, to address environmental, social, and governance (ESG) issues.

The group's corporate governance system is designed to enhance oversight and expedite decision-making. The company conducts annual evaluations of the effectiveness of its Board of Directors and committees to identify areas for improvement. Core subsidiaries, such as Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities, employ a Company with Audit and Supervisory Committee system as described in the Companies Act.[85]

Leadership

[edit]

List of former & current group chief executives

[edit]
  • Yoshifumi Nishikawa (December 2002 - June 2005)
  • Teisuke Kitayama (June 2005 - March 2011)
  • Koichi Miyata (April 2011 - March 2017)
  • Takeshi Kunibe (April 2017 - April 2019)
  • Jun Ohta (April 2019 - November 2023)
  • Toru Nakashima (December 2023 - now)

Listing

[edit]

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. In March 2008, SMFG announced plans to list on the New York Stock Exchange by 2011. SMFG believed that listing in the US would be improve its financial transparency and international creditworthiness.[86] Its stock tickers are TYO: 8316 and NYSE: SMFG.[87]

Global operations

[edit]

SMBC Group has offices in:[88]

The overseas subsidiaries and affiliates of SMBC Group are as follows:[89]

  • 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 SMBC Indonesia Tbk (formerly 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

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.[90]

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.[91]

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.[92]

Branding

[edit]

Group 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.[93][94]

[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.[95] 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.[96]

Sponsorships

[edit]

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.[97][98]

In April 2015, Sumitomo Mitsui Banking Corporation became a Gold Partner (banking category) for the Olympic and Paralympic Games Tokyo 2020.[99][100]

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

Environmental policy and record

[edit]

SMBC group has outlined several initiatives related to sustainability and climate change. The company has committed to achieving net-zero operational greenhouse gas (GHG) emissions by 2030 and portfolio emissions by 2050. Its efforts include implementing transition finance, supporting renewable energy projects, and facilitating the early retirement of coal-fired power plants. The group has also introduced environmental and social due diligence into its credit assessments and set mid-term GHG reduction targets for sectors such as power, oil and gas, and real estate. Additionally, the establishment of a Sustainability Division supports the company’s approach to managing climate-related risks and integrating sustainability into its operations.[101]

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.[102] The bank updated its policy to exclude the funding of ultrasupercritical coal power.[103]

In regard to green financing, SMBC has been involved in funding renewable energy projects globally, amounting to three trillion yen.[104] 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.[104][105]

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.[106][107] 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.[108]

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.[109][110][111][112]

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.[113][114][115][116][117]

Controversy

[edit]

Yakuza exclusion ordinances

[edit]
Main article: Yakuza § Indirect enforcement

Since 2011, Japan's law regulators enacted a 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. In 2013, the Financial Services Agency, Japan's financial watchdog, started an investigation of the three mega banks over possible ties to organised crime after Mizuho banking group was accused of lending 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.[118][119][120][121]

In order to distance themselves from the 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.[122]

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 suspicions 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 such piece of information was regarding a management buyout bid by a wine trading house, Enoteca Co., before the takeover bid was listed on the Tokyo Stock Exchange's Second Section in February.[123][124][125]

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. 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.[126][127][128]

As a consequence of this event, The Tokyo Stock Exchange fined SMBC Nikko Securities 80 million yen (US$1.02 million).[129][130]

2021 SMBC Nikko Securities Stock Manipulation Scandal

[edit]

SMBC Nikko Securities Inc. has been embroiled in a major stock price manipulation scandal, resulting in significant legal and financial consequences. The Tokyo District Court, on February 2023, fined the company 700 million yen (about $5.3 million) and imposed an additional penalty of 4.47 billion yen. This ruling stemmed from allegations that the brokerage had engaged in illegal practices to manipulate the closing prices of 10 stocks listed on the First Section of the Tokyo Stock Exchange between 2019 and 2021.[131]

As part of the verdict, Teruya Sugino, the former deputy head of SMBC Nikko’s equities division, was sentenced to 18 months in prison. However, the sentence was suspended for three years due to his role in violating the Financial Instruments and Exchange Law. According to the court, SMBC Nikko used approximately 4.4 billion yen of its own funds to place large buy orders just before market close, artificially boosting stock prices. These inflated prices were then used in block trades, where the brokerage mediated transactions between major shareholders and investors.

The court determined that the firm profited unlawfully, gaining around 1.09 billion yen from the scheme. Sugino was specifically implicated in one of the block trades. The court concluded that there was a significant failure in SMBC Nikko's internal supervision, with Sugino bearing substantial responsibility for his role in facilitating the scheme, despite being aware of its illegality. In addition to Sugino, five other SMBC Nikko executives, including former Vice President Toshihiro Sato, have been indicted in the scandal, though their trial date has yet to be determined.[132][133]

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.[134]

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.[135]

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.[136] 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".[137]

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.[138]

Notable current and former employees

[edit]

See also

[edit]

References

[edit]
  1. ^ http://www.pfie.com/Journals/2019/04/11/l/i/l/PFI-Financial-Q1-2019-LT.pdf [dead link‍]
  2. ^ "IJGlobal Infrastructure Finance league table report" (PDF). ijglobal.com. 2019.
  3. ^ "Company Overview | Sumitomo Mitsui Financial Group". www.smfg.co.jp. Retrieved 2024-05-17.
  4. ^ Yuzo Yamaguchi & Mohammad Taqi (18 June 2023). "Japanese megabanks retain top slots in ranking even as total assets drop". S&P Global.
  5. ^ "SMBC Group in Forbes 2000". Forbes. May 2020. Retrieved 6 June 2020.
  6. ^ "The Global 2000 2023". Forbes. Archived from the original on 2024-01-29. Retrieved 2024-02-07.
  7. ^ Kozo Yamamura (June 1967), "The Role of the Samurai in the Development of Modern Banking in Japan", The Journal of Economic History, 27 (2), Cambridge University Press: 198–220, doi:10.1017/S0022050700110708, JSTOR 2115675
  8. ^ "Japan Banks to Merge, With Wider Effects". The New York Times. 15 October 1999. Retrieved 7 April 2015.
  9. ^ Newswires, Dow Jones (2 January 2002). "Sumitomo Mitsui to Sell Its Entire Stake In Goldman Sachs for $794 Million". Wall Street Journal – via www.wsj.com.
  10. ^ Nakata, Hiroko (26 November 2004). "As bad-loan worries finally recede, banks turn attention to weak profits". The Japan Times.
  11. ^ "三井住友銀の持ち株会社、資本金１兆円 １２月めど設立を正式発表". The Asahi Shimbun. July 31, 2002. p. 9.
  12. ^ "三井住友銀、公的資金２０００億円返済、来春にも。". The Nikkei. July 31, 2002. p. 7.
  13. ^ "大手銀、健全性アピール競う、公的資金返済へ布石――みずほ、三井住友。". The Nikkei. May 31, 2005. p. 3.
  14. ^ "公的資金、年度内５割回収へ――国が注入１２兆円、銀行の返済加速。". The Nikkei. October 9, 2005. p. 1.
  15. ^ "国有化懸念、払拭へ一手 三井住友銀、あおぞら銀買収を検討". The Asahi Shimbun. December 5, 2002. p. 11.
  16. ^ "あおぞら銀株、米サーベラスが購入へ １０００億円で最終調整入り". The Asahi Shimbun. March 9, 2003. p. 3.
  17. ^ "あおぞら銀行買収をサーベラスが発表（ぴっくあっぷ）". The Asahi Shimbun. April 12, 2003. p. 2.
  18. ^ "SMBC disbands and merges with subsidiary". The Japan Times. 18 March 2003.
  19. ^ "わかしお銀合併、含み損解決に意味 三井住友ＦＧ・西川社長に聞く". The Asahi Shimbun. December 28, 2002. p. 10.
  20. ^ "三井住友銀行とわかしお銀行が合併". The Asahi Shimbun. March 18, 2003. p. 13.
  21. ^ Newswires, Dow Jones (25 December 2002). "Sumitomo Mitsui's Core Bank To Merge With Regional Unit". Wall Street Journal – via www.wsj.com.
  22. ^ http://www.smbc.co.jp › pdfPDF Sumitomo Mitsui Banking Corporation
  23. ^ "三井住友、ＵＦＪ統合申し入れ 三菱東京と競う 住信と交渉並行". The Asahi Shimbun. July 30, 2004. p. 1.
  24. ^ "ＵＦＪ抗告、高裁認める 三菱東京と統合基本合意". The Asahi Shimbun. August 12, 2004. p. 1.
  25. ^ "三井住友、ＵＦＪ統合へ７０００億円用意 計画案の文書送付". The Asahi Shimbun. August 8, 2004. p. 1.
  26. ^ "三井住友、統合比率「１対１」提示 ＵＦＪ株主には好条件". The Asahi Shimbun. August 25, 2004. p. 1.
  27. ^ "三井住友、ＵＦＪに統合撤回通知 住友信託は訴訟継続". The Asahi Shimbun. February 26, 2005. p. 2.
  28. ^ Fackler, Martin (2 August 2004). "Banking Duel in Japan Signals End of Old Ways". The Wall Street Journal. Retrieved 27 July 2019.
  29. ^ "三井住友・大和証券が統合視野、提携強化交渉へ 持ち株会社２００５年度合併も". Yomiuri Shimbun. February 10, 2005. p. 1.
  30. ^ "三井住友ＦＧとの統合交渉予定なし 鈴木・大和証券グループ社長が明言". Yomiuri Shimbun. April 9, 2005. p. 11.
  31. ^ "三井住友フィナンシャルグループ、フレンド証券を完全子会社に". Yomiuri Shimbun. March 31, 2006. p. 8.
  32. ^ "公的資金、三菱ＵＦＪ完済、正式発表、普通株に転換し売却。". The Nikkei. June 6, 2006. p. 7.
  33. ^ a b "三井住友、公的資金きょう完済。". The Nikkei. October 17, 2006. p. 7.
  34. ^ "三井住友ＦＧ本店、大手町に（金融フラッシュ）". The Nikkei Shimbun. December 26, 2006. p. 4.
  35. ^ "三井住友ＦＧ、本社機能を東京・大手町に集約へ". Yomiuri Shimbun. December 26, 2006. p. 10.
  36. ^ "（情報フラッシュ）三井住友銀、本店移転". The Asahi Shimbun. October 19, 2010. p. 11.
  37. ^ "三井住友ＦＧと三井物産、名古屋の信販大手を傘下に". Yomiuri Shimbun. April 27, 2007. p. 2.
  38. ^ "セントラルファイナンス、三井住友の傘下へ ＦＧ・三井物産、４００億円出資で調整". The Asahi Shimbun. April 27, 2007. p. 13.
  39. ^ a b "三井住友ＦＧ、セントラルファイナンスを傘下に 系列クオークとの合併検討". Yomiuri Shimbun. April 28, 2007. p. 8.
  40. ^ a b "ＯＭＣ株、７４８億円で買収 三井住友銀、ダイエーから". The Asahi Shimbun. July 27, 2007. p. 8.
  41. ^ "ＯＭＣ株の約３０％分、三井住友に売却 ダイエーきょう発表". Yomiuri Shimbun. July 27, 2007. p. 8.
  42. ^ "三井住友、ＯＭＣ株３２％買収、カード最大陣営に、リテールで攻勢狙う。". The Nikkei Shimbun. July 28, 2007. p. 7.
  43. ^ "Sumitomo buys into U.K.'s Barclays". The Japan Times. 19 July 2008.
  44. ^ a b "SMBC Group Annual Report 2018" (PDF). www.smfg.co.jp. Sumitomo Mitsui Financial Group. Retrieved 14 February 2020.
  45. ^ Fuse, Taiga Uranaka (31 March 2017). "New chief of Japan's SMBC bank 'actively studying' acquisition of US bank". Reuters – via www.reuters.com.
  46. ^ "SMBC cites overseas growth spur, Japanese cover quality | The Covered Bond Report".
  47. ^ "日興コーディアルの売却を打診 シティが日本国内メガバンクに 争奪戦へ". Yomiuri Shimbun. February 4, 2009. p. 8.
  48. ^ "三井住友ＦＧ、日興を5450億円で買収". Reuters (in Japanese). 2009-05-01. Retrieved 2023-10-11.
  49. ^ "History | SMBC Nikko Securities Inc". www.smbcnikko.co.jp.
  50. ^ "Citi to Sell Nikko Cordial Securities to Sumitomo Mitsui Banking Corporation and to Forge Alliance with Sumitomo Mitsui Financial Group". www.citigroup.com.
  51. ^ "三井住友・大和が包括提携へ 証券事業の統合も検討". Yomiuri Shimbun. April 28, 2009. p. 1.
  52. ^ "日興シティとの統合 大和証券ＳＭＢＣ側も検討". Yomiuri Shimbun. May 13, 2009. p. 10.
  53. ^ "共同出資の大和証券ＳＭＢＣ、三井住友・大和が火花". The Nikkei. August 19, 2009.
  54. ^ "三井住友、大和、３１日に合弁解消。". The Nikkei Shimbun. December 26, 2009. p. 7.
  55. ^ "Info" (PDF). www.btpn.com. Retrieved 14 February 2020.
  56. ^ Franedya, Roy. "Merger Rampung, Ini Susunan Komisaris & Direksi Bank BTPN". market.
  57. ^ Franedya, Roy. "Sah! BTPN Merger dengan SMBCI, Apa Nama Barunya?". market.
  58. ^ Banjarnahor, Donald. "Dapat Restu OJK Jepang & RI, BTPN Merger Bulan Ini?". market.
  59. ^ Ananta, Yanurisa. "Merger BTPN-Sumitomo Tinggal Tunggu Persetujuan OJK Jepang". market.
  60. ^ Fukase, Atsuko (15 December 2015). "Sumitomo Mitsui unit to buy GE's Japan Leasing Business". The Wall Street Journal. Retrieved 6 March 2018.
  61. ^ "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 6 March 2018.
  62. ^ "Bank Jepang Resmi Kuasai 96,9 Persen Saham BTPN". ekonomi.
  63. ^ a b Lavinda. "Merger BTPN dan Bank Sumitomo Hasilkan Aset Rp179 Triliun". Cnnindonesia.com. Retrieved 14 February 2020.
  64. ^ "Sekilas BTPN : BTPN". www.btpn.com.
  65. ^ Bosnia, Tito. "Pasca-Merger, BTPN Jadi Bank Aset Terbesar Kedelapan di RI". market.
  66. ^ "Siaran Pers : Bank BTPN". www.btpn.com. Retrieved 2024-09-01.
  67. ^ Pratama, Galih (2024-08-29). "BTPN Ganti Nama, jadi Bank SMBC Indonesia". Infobanknews. Retrieved 2024-09-01.
  68. ^ Widowati, Hari (2024-08-29). "Bank BTPN Resmi Ganti Nama Jadi Bank SMBC Indonesia - Korporasi Katadata.co.id". katadata.co.id (in Indonesian). Retrieved 2024-09-01.
  69. ^ antaranews.com (2024-08-31). "Bank BTPN ubah nama cerminkan sinergi yang kuat dengan induk usaha". Antara News (in Indonesian). Retrieved 2024-09-01.
  70. ^ "Japan's SMBC to acquire 4.9% stake in Ares Management for $384m". DealStreetAsia.
  71. ^ Vandevelde, Mark (30 March 2020). "Japanese bank SMBC agrees cash infusion for Ares". Financial Times.
  72. ^ "Ares Management Corporation and Sumitomo Mitsui Banking Corporation Announce Strategic Agreement and Equity Transaction". www.businesswire.com. 30 March 2020.
  73. ^ Kim, Adalla (2 April 2020). "Ares sells stake to Japan's SMBC".
  74. ^ Visconti, Ambrogio (April 2020). "Ares Management Corporation's Agreement With SMBC Group – Global Legal Chronicle".
  75. ^ "Japan's SMBC plans to triple stake in Jefferies in Wall Street push". Financial Times. 27 April 2023. Retrieved 1 May 2023.
  76. ^ "SBI aims to sell its YES Bank stake worth $2.2 billion by March-end". Business Standard. 13 August 2024.
  77. ^ "SBI plans to divest $2.2bn worth of shares in Yes Bank by end-March 2025". 14 August 2024.
  78. ^ "SBI to sell its stake in Yes Bank worth Rs 18,420 cr by end of FY25: Report". 13 August 2024.
  79. ^ Mohan, Ashwin (2024-04-23). "Race for Yes Bank: Bids likely by month-end, Emirates NBD may also join the fray". moneycontrol.com.
  80. ^ "SBI aims to sell Yes Bank stake worth $2.2 billion by end-March: Report". hindustantimes.com. Reuters. 2024-08-13.
  81. ^ Barman, Arijit (8 August 2024). "Mizuho plans to say no to Yes Bank deal; it's SMBC vs Emirates NDB". The Economic Times.
  82. ^ "Organization | Sumitomo Mitsui Banking Corporation". www.smbc.co.jp.
  83. ^ "Group Companies | Sumitomo Mitsui Financial Group". www.smfg.co.jp.
  84. ^ "Directors, Executive Officers, Group CxO and Head of Business Units | Sumitomo Mitsui Financial Group". www.smfg.co.jp.
  85. ^ "Group Companies governance; Sumitomo Mitsui Financial Group". www.smfg.co.jp.
  86. ^ "三井住友ＦＧ、ＮＹ上場検討". The Asahi Shimbun. March 27, 2008. p. 13.
  87. ^ "Basic Stock Information | Sumitomo Mitsui Financial Group". www.smfg.co.jp.
  88. ^ "Asia, Oceania | Sumitomo Mitsui Banking Corporation". www.smbc.co.jp.
  89. ^ "Group Companies | Sumitomo Mitsui Banking Corporation". www.smbc.co.jp.
  90. ^ "RBS in €7.3bn sale of Dublin-based aircraft business". The Irish Times. Retrieved 14 March 2017.
  91. ^ "Fitch Upgrades SMBC Aviation Capital Limited's IDR to 'BBB+'; Outlook Stable". www.businesswire.com. 9 December 2015. Retrieved 14 March 2017.
  92. ^ "Profits at aircraft lessor SMBC Aviation Capital hit $530 million". The Irish Times. Retrieved 14 March 2017.
  93. ^ "SMFG Press Release on the use of SMBC Group as master brand" (PDF).
  94. ^ "Sumitomo Mitsui Financial changes group brand to SMBC". www.spglobal.com.
  95. ^ "ミドすけとミドすけファミリー ： 三井住友銀行". www.smbc.co.jp.
  96. ^ "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. 1 March 2016.
  97. ^ "SMBC extend Singapore Open until 2021". 17 January 2018.
  98. ^ Wong, Lester (17 January 2018). "Golf: SMBC extends Singapore Open deal for three more years". The Straits Times.
  99. ^ "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.
  100. ^ "Sponsorships | Sumitomo Mitsui Banking Corporation". www.smbc.co.jp.
  101. ^ "Strengthening Efforts against Climate Change" (PDF).
  102. ^ "Reporting – Sumitomo Mitsui Banking Corporation (2016) – The Equator Principles".
  103. ^ "Japanese bank policies | Market Forces". www.marketforces.org.au.
  104. ^ a b "Establishment of Renewable Energy Fund". Sumitomo Corporation. 31 August 2023.
  105. ^ "Track Record in Project Finance for Renewable Energy Projects Overseas | Sumitomo Mitsui Financial Group". www.smfg.co.jp.
  106. ^ "Coal Power Expansion Plans Slow in Vietnam, But Banks Haven't Gotten the Memo – The Understory". Rainforest Action Network.
  107. ^ "Vung Ang 2 | Market Forces". www.marketforces.org.au.
  108. ^ "Japan's mega-banks named as world's biggest lenders for new coal plants". www.japantimes.co.jp. 7 December 2019.
  109. ^ "International Call on Banks: Don't finance the East Africa Crude Oil Pipeline". Banktrack.
  110. ^ "East African oil pipeline would cause more emissions than Denmark". www.chinadialogue.net. 16 January 2020.
  111. ^ "East African Crude Oil Pipeline (EACOP)". www.banktrack.org.
  112. ^ "Equator Banks, Act!". www.equatorbanksact.org.
  113. ^ "SMBC is the first Japanese bank to rethink coal financing policy". Global Trade Review (GTR). 23 May 2018.
  114. ^ "Sumitomo Mitsui Financial Group to halt funding for coal plants". Asian Banking & Finance. 20 April 2020.
  115. ^ Submission, Internal (16 April 2020). "Sumitomo Mitsui and Mizuho to end lending for new coal-fired plants". The Japan Times.
  116. ^ "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.
  117. ^ "Japan's Sumitomo Mitsui bank to stop making loans for new thermal coal plants—report". 30 March 2020.
  118. ^ McCurry, Justin (30 October 2013). "Japan's three biggest banks face yakuza links inquiry". The Guardian – via www.theguardian.com.
  119. ^ Traywick, Catherine A. (6 November 2013). "Are Japan's Biggest Banks in Bed with the Yakuza?".
  120. ^ "Japan mob loans scandal deepens as another major bank admits business links with yakuza". The Straits Times. 1 November 2013.
  121. ^ "Yakuza banking scandal extends to MUFG and Sumitomo | In Other News". 30 October 2013.
  122. ^ Martin, Alex (4 January 2018). "Japan's banks secure access to police agency database to help screen for yakuza and other 'anti-social forces'". The Japan Times.
  123. ^ "SMBC Nikko, 2 businessmen investigated for suspected insider trading. – Free Online Library". www.thefreelibrary.com.
  124. ^ "Ex-SMBC Nikko exec allegedly leaked info on 10-plus firms. – Free Online Library". www.thefreelibrary.com.
  125. ^ Docket, Securities. "Japan: SMBC Nikko faces insider trading probe".
  126. ^ "Former SMBC Nikko banker arrested in insider trading probe". gulfnews.com. 27 June 2012.
  127. ^ Inagaki, Kana (26 June 2012). "Former SMBC Nikko Executive Arrested". Wall Street Journal – via www.wsj.com.
  128. ^ "Ex-SMBC Nikko Executive's Insider-Trading Conviction Upheld". Bloomberg.com. 25 September 2015.
  129. ^ "Tokyo Stock Exchange says fines SMBC Nikko over insider trading". Reuters. 7 August 2012. Archived from the original on 14 June 2020 – via in.reuters.com.
  130. ^ Hirata, Emi Emoto (13 April 2012). "Japan regulator to seek penalties against Nikko SMBC: sources". Reuters – via www.reuters.com.
  131. ^ "SMBC Nikko faces heavy price for betraying market trust". Nikkei Asia.
  132. ^ "SMBC Nikko hit by 5-billion-yen penalty for stock manipulation | The Asahi Shimbun: Breaking News, Japan News and Analysis".
  133. ^ "SMBC Nikko Fined 700 Million Yen over Market Manipulation". 14 February 2023.
  134. ^ "Former SMBC banker arrested for allegedly stealing ¥190 million". The Japan Times. 12 October 2016.
  135. ^ Weaver, Matthew; Bowcott, Owen (5 March 2009). "'Lord of Fraud' Hugh Rodley jailed for eight years for attempt to steal from Sumitomo Mitsui Banking Corporation". The Guardian – via www.theguardian.com.
  136. ^ "Elliott sues Bank of East Asia over share sales, escalating dispute". Reuters. 18 July 2016. Retrieved 1 May 2018.
  137. ^ "Elliott ramps up pressure on Bank of East Asia with lawsuit". China Daily Asia. 18 July 2016. Retrieved 1 May 2018.
  138. ^ "What is Bank of East Asia and Elliott's dispute about?". South China Morning Post. 18 July 2017. Retrieved 1 May 2018.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Sumitomo_Mitsui_Financial_Group&oldid=1259532857"