News Release


Approval to Commence Preparation for Opening Shanghai Puxi Sub-Branch of SMBCCN(1/1)

March 1, 2010

Sumitomo Mitsui Banking Corporation

 

 

Approval to Commence Preparation for Opening Shanghai Puxi Sub-Branch of SMBCCN

 

 

 

TOKYO, March 1, 2010 --- Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) announced today that its wholly-owned subsidiary Sumitomo Mitsui Banking Corporation (China) Limited (gSMBCCNh, President: Kazunori Okuyama) received approval from the China Banking Regulatory Commission Shanghai Office on February 23, 2010, to start preparing for the establishment of a sub-branch in the Shanghai Puxi area. With this approval, SMBCCN can now start taking the necessary steps to open the sub-branch which will become its third sub-branch. SMBCCNfs network in Mainland China currently comprises seven branches, including Shanghai Head Office and Shenyang Branch (preparations are currently underway for the latterfs opening) and two sub-branches.

 

Shanghai is not only a major international city with a high concentration of businesses but also  a major consumer market. It is expected to maintain its high growth pace as one of the drivers of Chinafs economic growth. The establishment of Shanghai Puxi Sub-Branch will strengthen SMBCCNfs business base in Shanghai, currently only the Shanghai Head Office located in the Pudong area, and enable it to deliver enhanced services to its customers.

 

 




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