Sumitomo Mitsui Financial Group, Inc

 

　　　　　　　　　Sumitomo Mitsui Banking Corporation

 

 

Organizational Revision of SMFG and SMBC

 

 

TOKYO, March 25, 2011 --- Sumitomo Mitsui Financial Group, Inc. (SMFG, President: Teisuke Kitayama) and Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) announced today revision of their organizational structures effective on April 1, 2011.

 

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 (China) Ltd. in an integrated manner.

(*) Mainland China, Hong Kong and Taiwan

(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 Department, Americas Division

 

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 “Note” 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

 

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 SMBC’s ability to respond to more sophisticated and diversified needs of individual customers.

 

　　　　　　　　　　　　　　　　　　　　　　　　　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　(End)