Approval to Commence Preparation for the Opening of Mumbai Branch(1/1)
May 18, 2016
Sumitomo Mitsui Banking Corporation
Approval to Commence Preparation for the Opening of Mumbai Branch
TOKYO, May 18, 2016 --- Sumitomo Mitsui Banking Corporation (SMBC, President and CEO: Takeshi Kunibe) announced today that is has obtained approval from the Reserve Bank of India to commence preparations for the establishment of a branch in Mumbai, Republic of India. With this approval, SMBC will commence undertaking the steps necessary to open the branch, subject to the approval of Japanese regulatory authorities.
India is one of Asiafs largest and fastest growing economies, and possesses ample potential to continue growing at a brisk pace in the medium to long term. Various factors, such as the considerable consumer market and abundant labor force, have positioned India as an attractive destination for Japanese corporates.
SMBC New Delhi Branch commenced operations in March 2013 and has been providing full-line financial services. With the establishment of a branch in Mumbai, the commercial and financial center of India, SMBC will be able to further enhance financial services available to clients.