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Sumitomo Mitsui Financial Group history
Sumitomo Mitsui Financial Group company history timeline
An October 2002 Business Week article claimed that Takenaka felt that the banking system in Japan was "gravely ill and needing treatment." As such, Takenaka immediately set a plan in motion to audit the major banks' loan portfolios.
When was Sumitomo Mitsui Financial Group established? Sumitomo Mitsui Financial Group was established through a share transfer from Sumitomo Mitsui Banking Corporation (SMBC) on December 2, 2002.
The initiative was in part overseen by Japan's Financial Services Agency (FSA). Just as the FSA reported that the major banks were financially sound, however, Japan's four largest banks reported a combined loss of $22.7 billion in 2002.
In 2003, SMBC conducted reverse merger with its subsidiary, Wakashio Bank, to secure financial resources to cover large deferred losses from its equity holdings.
An office opened in Prague in 2008.
Since 2008, the Singapore branch has become SMBC's regional hub in Asia Pacific while global headquarters is still maintained in Tokyo, Japan.
In November 2010, our shares began to be traded on the New York Stock Exchange.
Adding to those, SMBC acquired Société Générale Private Banking Japan (presently SMBC Trust Bank) in 2013.
In April 2017, SMFG introduced group-wide business units and the CxO system, with the aim of bolstering the group management structure on a global basis.
At the same time, SMFG flexibly pursued optimal group management strategies such that SMFG deconsolidated SMFL to place it as an equity-method affiliate in 2018.
SMBC's overseas network consists of 130 branches and offices in 40 countries and regions as of 2018.
As of March 31, 2021, the Group has grown to be comprised of 177 consolidated subsidiaries and 98 equity-method affiliates, including SMBC, SMBC Trust Bank, SMFL, SMBC Nikko Securities, SMCC, SMBC Finance Service, SMBC Consumer Finance, JRI, and Sumitomo Mitsui DS Asset Management Company.
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Sumitomo Mitsui Financial Group competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Sumitomo Mitsui Trust Bank (u.s.a) Limited | - | $125.1M | 132 | 17 |
| Commerzbank Ag | 1870 | $9.2B | 49,174 | - |
| Connecticut Bank & Trust | 2004 | - | 59 | - |
| Bankers Trust Company | 1903 | $150.0M | 573 | 23 |
| Rabo AgriFinance | 1984 | $2.0M | 5 | - |
| Neuberger Berman | 1939 | $2.8B | 2,000 | 150 |
| AllianceBernstein | 1967 | $4.1B | 3,450 | 135 |
| Assured Guaranty | 1985 | $1.1B | 368 | 7 |
| IDB Bank | 1949 | $2.8B | 5,705 | 4 |
| KBI Global Investors | 1980 | $3.4M | 59 | - |
Sumitomo Mitsui Financial Group history FAQs
Zippia gives an in-depth look into the details of Sumitomo Mitsui Financial Group, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sumitomo Mitsui Financial Group. The employee data is based on information from people who have self-reported their past or current employments at Sumitomo Mitsui Financial Group. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Sumitomo Mitsui Financial Group. The data presented on this page does not represent the view of Sumitomo Mitsui Financial Group and its employees or that of Zippia.
Sumitomo Mitsui Financial Group may also be known as or be related to SUMITOMO MITSUI FINANCIAL GROUP, INC., Sumitomo Mitsui Financial Group, Sumitomo Mitsui Financial Group, Inc. and The Wakashio Bank, Ltd. (legal predecessor of Sumitomo Mitsui Banking Corporation, 1996–2003).