News Release


Signing of MOU on Business Cooperation with First Commercial Bank(1/1)

 

 

 

December 14, 2007

 

Sumitomo Mitsui Banking Corporation

 

Signing of MOU on Business Cooperation with First Commercial Bank

 

TOKYO , December 14. 2007 --- Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) announced that it has agreed to enter into Business Cooperation with First Commercial Bank, one of the largest Taiwanese private commercial banks in asset size. The signing ceremony will be held on December 17, 2007 in Tokyo .

 

By establishing a collaborative framework in various business fields with First Commercial Bank, which has a big presence in retail banking, SME business and financial services in Taiwan, SMBC will be able to enhance its business opportunities in Taiwan and other overseas markets.

 

Further, through this alliance, SMBC will be able to provide even higher quality banking services, including financial support in local currency, to Japanese corporate clients in Taiwan .

 

1. Outline of Business Alliance

 

1) Support for Japanese corporate clients operating in Taiwan

 

SMBC and First Commercial Bank will collaboratively provide factoring services or other banking products for Japanese corporate clients in Taiwan .

 

2) Financing support to overseas branches of both banks

 

SMBC will provide Yen loan facility to First Commercial Bank branches in Japan, and First Commercial Bank will provide NT$ loan facility to SMBC Taipei Branch in order to further meet their customersf local-currency financing needs.

 

3) Collaboration in syndicated loan business in Taiwan and international markets

 

First Commercial Bank and SMBC will promote syndicated loan business in Taiwan and international markets by combining First Commercial Bankfs strength in corporate banking franchise in Taiwan , and SMBCfs syndicated loan know-how in the international markets.

 

4) Support for Taiwanese corporate clients outside Taiwan

 

SMBC will provide various banking services to Taiwanese corporate clients outside Taiwan in the area where First Commercial Bank does not have any branch.

 

 

2. Outline of First Commercial Bank

 

Establishment: 1899

 

Location of Head Office: No.30,Sec, 1, Chung-King S. Road , Taipei , Taiwan

 

Total Assets: USD 48.2 Billion (December 2006)

(Ranked 6th domestically, 199th globally)

 

Listing: First Financial Holding Co., Ltd. (Holding Company), Taipei Stock Exchange and Luxembourg Stock Exchange

 

Ratings: S&P BBB+

 




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