Latest news with #SumitomoMitsuiFinancialGroup
Business Times
23-06-2025
- Business
- Business Times
Japanese megabanks weigh Middle East evacuations, JPMorgan limits travel
[TOKYO/NEW YORK] Several major Japanese banks are considering evacuating staff from the Middle East and Wall Street giant JPMorgan has restricted employee travel in the region as tensions escalate. The US entered the war against Iran over the weekend with strikes against three key nuclear sites, joining Israel's military campaign to cripple Teheran's nuclear capabilities. Iran has vowed to retaliate. On Monday, Israel struck Evin prison in northern Teheran, a potent symbol of Iran's governing system, in what Israel called its most intense bombing yet of the Iranian capital. The war threatens years of effort by Middle Eastern governments to court global financial firms as part of plans to diversify their economies away from oil. Countries such as Saudi Arabia and the United Arab Emirates have pushed to position themselves as regional financial hubs, offering incentives and regulatory reforms to attract banks and asset managers. Japan's Sumitomo Mitsui Financial Group has begun evacuating staff from locations including Iran and Qatar to ensure their safety, a spokesperson said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US-based JPMorgan is allowing only essential travel in and out of the Middle East for employees, a person familiar with the matter told Reuters on Monday (Jun 23). The largest US bank is offering support to employees on an individual basis, as needed, the source added, requesting anonymity discussing confidential information. Goldman Sachs had asked its staff in Israel to work remotely about a week ago, according to a source familiar with the matter. Japan's Mitsubishi UFJ Financial Group has begun evacuating some family members of staff from Dubai and the Saudi Arabian capital Riyadh, a spokesperson said, and is also considering allowing staff to leave at their own discretion. Ang Wee Khoon, head of risk management at the DIFC branch of Bank of Singapore, one of Asia's biggest private banks, told Reuters the bank has halted all non-essential travel to and from Dubai. 'The safety of our staff is our highest priority, and we stand ready to activate our business continuity plans while minimising the disruptions to clients,' Ang said. Mizuho Financial Group is urging its staff to be cautious and is considering measures including evacuations, a spokesperson said. REUTERS
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Business Standard
13-06-2025
- Business
- Business Standard
SMFG India Credit begins hunt for new MD & CEO as Mitra retires
SMFG India Credit—the non-banking finance company—is in the process of selecting a new managing director and chief executive officer (CEO), as incumbent Shantanu Mitra has informed the board that he will be stepping down ahead of term, said sources aware of the development. Mitra's term with the NBFC was set to end in September this year. Sources said that although his term was supposed to conclude in September, his retirement is part of a planned leadership transition. Citing personal and family commitments, Mitra has expressed his decision to retire, sources added. Until the company appoints his replacement, the leadership team at SMFG India Credit will operate the business, said the person aware of the development. Mitra has served two terms at the company—first from 2010 to 2017, and again from 2021 to 2025. During his initial tenure, he joined as Group Chief Risk Officer and was promoted to CEO in 2011. Last month, Sumitomo Mitsui Banking Corporation (SMBC) signed a definitive agreement to acquire a 20 per cent stake in Yes Bank for ₹13,483 crore. SMBC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). SMFG India Credit offers home loans, business loans, personal loans, among others. In the quarter ended March 2025, SMFG India Credit's standalone net profit significantly declined by 94.78 per cent to ₹8.76 crore, compared to ₹167.88 crore in the previous quarter. Sales, however, increased by 23.31 per cent to ₹2,388.60 crore. As of 31 March 2025, SMFG India Credit had total assets under management (AUM) of ₹57,000 crore. In FY25, Sumitomo Mitsui Financial Group invested ₹4,300 crore equity capital in SMFG India Credit, including ₹1,300 crore in April 2024 and ₹3,000 crore in December 2024. SMFG India Credit's standalone net profit fell to Rs 344 crore in FY25, down 44% from FY24.
Nikkei Asia
11-06-2025
- Business
- Nikkei Asia
Japan megabanks lead growing share of US syndicated loans
TOKYO -- Syndicated loans in the U.S. led by Japan's top banks swelled to record levels last year as tighter capital regulations push American banks toward non-lending businesses. The number of U.S. syndicated loans where at least one of the three -- Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group -- was a lead arranger rose 33% in 2024 to 1,076, London Stock Exchange Group data shows.
Gulf Today
15-05-2025
- Business
- Gulf Today
Japan's three largest banks make record annual profits
Japan's three largest banking groups posted record annual net profit in the last financial year, benefitting from increased corporate activity due to the end of deflation in Japan. The banks also expect to increase earnings this financial year - forecasting record profits once again - even though the economic outlook has been muddied by US President Donald Trump's sweeping global tariffs. Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group booked net profits of 1.86 trillion yen ($12.76 billion), 1.18 trillion yen and 885 billion yen, respectively, in the 12 months ended March 2025. The banks said the impact of the tariffs and the resulting uncertainty was already being felt, and was accounted for in their forecasts. Japan's largest lender MUFG cited a global economic slowdown, continued market volatility and lost trust in the US dollar among risk factors, but nevertheless forecast a record net profit this financial year of 2 trillion yen. SMFG projected net profit of 1.3 trillion yen and Mizuho 940 billion yen, including downward adjustments of 100 billion yen and 110 billion yen, respectively, to account for continued uncertainty. Mizuho's pipeline of equity capital markets and mergers and acquisitions deals is currently backed up as shifting business conditions make decision making on large-scale investment challenging, Chief Executive Masahiro Kihara told a press briefing in Tokyo. But the banks expect Japanese companies to keep investing and each has extensive overseas operations across different financial services including retail and investment banking, asset management and wealth management. 'We have operations across Japan, Asia and the Americas with varied sources of profit, so we are strong in any business environment,' MUFG Chief Executive Hironori Kamezawa told a press briefing. MUFG owns 24 per cent of US bank Morgan Stanley, a business alliance that began in 2008. The holding contributed more than a quarter of MUFG's annual net profit. Asia has also been a growth market for the banks. Most recently, SMFG announced last week its acquisition of a 20 per cent stake in Indian private lender Yes Bank. But the tariff uncertainty means SMFG too is holding off on further acquisitions, CEO Toru Nakashima said on Wednesday. Japan's banks have been among the largest beneficiaries of the end of deflation in Japan, which has encouraged Japanese companies to borrow to invest at home and abroad and carry out mergers and acquisitions. The return of inflation also pushed the Bank of Japan to end its policy of negative interest rates in March 2024 and hike rates twice thereafter, raising lending margins for Japanese banks. PayPay CEO Ichiro Nakayama, SoftBank Corp CEO Junichi Miyakawa, Sumitomo Mitsui Financial Group CEO Toru Nakashima and Sumitomo Mitsui Card President Yukihiko Onishi pose attended a press conference in Tokyo, Japan, on Thursday. Meanwhile talk of big fiscal spending and a subsequent spike in super-long yields are raising questions over just how quickly the Bank of Japan can taper its bond purchases, adding to the challenges it faces in removing remnants of its massive monetary stimulus.
Nikkei Asia
14-05-2025
- Business
- Nikkei Asia
SoftBank, Sumitomo Mitsui to forge digital banking partnership
TOKYO -- Japanese mobile carrier SoftBank and Sumitomo Mitsui Financial Group will team up on digital banking, in the latest example of partnership between traditional banks and tech companies amid a rapid spread of web-based banking in Japan. Among other examples, Mizuho Financial Group last year acquired a stake of close to 15% in Rakuten Card, one of the most popular credit cards in Japan, in an effort to make up for its relative weakness in retail businesses, while Mitsubishi UFJ Financial Group is looking at setting up a digital-only bank.
