Company Profile
- With around $1.9 trillion in assets, Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG, “the group”) is one of the three largest financial institutions in Japan and the parent of Sumitomo Mitsui Banking Corporation (“SMBC”, “the bank”). Through the bank and other key subsidiaries, SMFG offers a broad spectrum of financial services, including commercial banking, securities, consumer finance, and leasing.
- SMBC was established in April 2001 through the merger of two leading Japanese banks: The Sakura Bank, Limited, and The Sumitomo Bank, Limited. SMFG was set up in December 2002 as a bank holding company.
- Of the reportable segments (retail, wholesale, global, and global markets), global business unit contributed the highest proportion of revenues and share of profits in FY 2023. In terms of regions, Japan delivered 36% of operating income in FY 2023 (compared to 47% last year). The majority of revenue comes from fee-based businesses, which have…