Organizational Revision of SMFG and SMBC(1/1)
Sumitomo Mitsui Financial Group, Inc
@@@@@@@@@Sumitomo Mitsui Banking Corporation
Organizational Revision of SMFG and SMBC
Specifics of the organizational revision are as follows:
<Organizational Revision of SMFG>
Organizational Integration after Listing on NYSE
Following the listing on the New York Stock Exchange (NYSE) in November 2010, SMFG will merge Strategic Financial Planning Department, which promoted the preparation process for the listing and is responsible for financial reporting in accordance with U.S. Securities and Exchange Commission's regulations, and Financial Accounting Department, which is responsible for financial reporting under Japanese accounting standards, into a new Financial Accounting Department.
<Organizational Revision of SMBC>
1. Enhancement of Global Business Promotion
(1) Reorganization to reinforce Japanese business in Greater China
To promote business in overseas markets with Japanese corporations, SMBC will restructure its organization.
Specifically, for the
purpose of capturing active business flows in the Greater China area (*) where
economic integration is progressing, the functions of planning businesses with
Japanese corporate customers at Hong Kong Branch and Taipei Branch will be
transferred to Planning Department, Corporate Banking Unit & Middle
Market Banking Unit. The department will plan, promote and manage business
with Japanese corporations in the Greater China area, together with Sumitomo
Mitsui Banking Corporation (
(2) Establishment of Global Business Strategy Department, International Banking Unit
Global Business Strategy Department, International Banking Unit will be established within Planning Department, International Banking Unit, aiming to enhance initiatives in emerging countries with greater growth prospects and to plan global business strategies and investment/alliance strategies focusing on those countries.
(3) Establishment of
International Banking Department, Europe Division and Latin Americas Marketing
International Banking Department, Europe Division and Latin Americas Marketing Department within Specialized Finance Department, Americas Division will be established in Europe and in the Americas, respectively, aiming to enhance business with local and multinational corporations in emerging countries in the regions (please see gNoteh below).
The new departments will promote business proactively in the regions, cooperating with Global Business Strategy Department, International Banking Unit.
(Note) International Banking Department, Europe Division is scheduled to be established in June 2011.
(4) Establishment of
Global Korea Corporate Banking Department will be established within Seoul Branch to enhance business with globally active Korean corporations.
By managing business with major Korean corporations cross-regionally, SMBC will promote initiatives to enhance business with them in a more integrated manner.
2. Fortification of Headquarter Functions and Improvement of Efficiency
(1) Organizational change after listing on NYSE
SMBC will merge Strategic Financial Planning Department and Financial Accounting Department into a new Financial Accounting Department.
(2) Establishment of Retail Human Resources Department
Retail Human Resources Department will be established within Planning Department, Consumer Banking Unit, aiming to manage human resources within the unit more strategically and flexibly and to strengthen SMBCfs ability to respond to more sophisticated and diversified needs of individual customers.