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December 27 , 2018
Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Banking Corporation
Tokyo, December 27, 2018 --- Sumitomo Mitsui Financial Group, Inc. (President and Group CEO: Takeshi Kunibe; our corporate group will hereinafter be referred to as “SMBC Group”) and Sumitomo Mitsui Banking Corporation (“SMBC”, President and CEO: Makoto Takashima) today announced the launch of its US Bank Holding Company (“BHC”) – SMBC Americas Holdings, Inc. (“SMBCAH”) – effective January 1, 2019.
SMBC Group has been conducting a phased reorganization of its US operations in order to establish the BHC. SMBCAH will acquire BHC status after SMBC’s US-based banking subsidiary, Manufacturers Bank, is converted into a SMBCAH subsidiary.
SMBC Group will enhance its US corporate governance capabilities by centralizing the supervision and management of its US operations as the establishment of the BHC will allow SMBC Group to bring together its primary US-based banking, securities, capital markets, leasing and finance, and rail services subsidiaries under the new holding company.
SMBC Group will continue to provide value-added services to its customers through the establishment of the BHC, taking full advantage of the synergies of SMBC Group.
*SMBC Financial Services, Inc. has been re-named SMBC Americas Holdings, Inc.
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