Japan's SMBC Group Establishes UK Commercial Banking Subsidiary

Sumitomo Mitsui Banking Corporation (SMBC) has launched SMBC Bank International, its new fully-owned commercial banking subsidiary in the United Kingdom.

In a statement, SMBC, the Sumitomo Mitsui Financial Group, and SMBC Nikko Securities stated their intention to start operations of its new subsidiary as a universal bank.

Hideo Kawafune has been named the subsidiary's CEO. Its head office is located at 100 Liverpool Street, London, EC2M 2AT, United Kingdom.

SMBC Nikko Capital Markets Limited will transfer its securities business to SMBC Bank International, with the transfer targeted for Q2 2024, subjected to legal and regulatory processes.

The transfer will reportedly enable SMBC Group "to better serve customers by offering banking and securities products through a single entity providing a full range of financial services," according to a press release.

"By expanding the range of its financial services to meet a variety of customer needs, SMBC Group aims to provide higher value-added solutions with customers in EMEA," the statement read.

(Source: Asian Banking & Finance)