Organizational Revision of SMFG and SMBC(1/1)
Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Banking Corporation
Organizational Revision of
SMFG and SMBC
Revision of SMFG>
Explore Listing on the
As one of our initiatives for becoming “a globally competitive financial services group with the highest trust,” SMFG will begin considering listing on the New York Stock Exchange (NYSE) with the aim of enhancing accessibility for global investors and the transparency of our financial disclosure, and expanding our investor base. To this end, a Strategic Financial Planning Dept. will be established to oversee the preparation process.
Enhance Internal Control System
In order to build a more efficient and effective internal control system, SMFG will strengthen the function of Group Business Management Dept., currently an independent department, by restructuring it into a department within the Internal Audit Dept.
Revision of SMBC>
The purpose of the organizational revision is to fortify the business platform in line with the globalization of corporate clients and further strengthen internal control. Specifics of the organizational revision of SMBC are as follows:
1. Globalization of Business and Clients
Explore Listing on the
SMBC will also newly establish a Strategic Financial Planning Dept. to study listing of SMFG stock on the NYSE in the future.
Strengthen Support for Globalization of Corporate
SMBC will restructure and strengthen functions of International Business Promotion Dept. and China Business Promotion Dept., and establish an International Business Promotion Dept. and a Global Advisory Dept. (GLAD) which will span three business units – the Middle Market Banking Unit, the Corporate Banking Unit and the International Banking Unit.
GLAD, as an organization seamlessly
spanning across three business units, will be based in
At the same time, in South Asia and Oceania regions, which are expected to continue to show significant economic growth, SMBC will reorganize the Asian Division and newly establish an Asia Pacific Division and a Planning Dept., Asia Pacific Division (*) in order to respond flexibly to diverse business requirements in the regions.
(*)Planning Dept., Asia Pacific Division will be established in June
2. Promotion of Corporate Social Responsibility
and Revision of Internal Control System
Strengthen CSR Activities
In order to consolidate CSR activities into a single department, and strengthen CSR initiatives of the whole group, the Corporate Citizenship Dept. within the Public Relations Dept. will be integrated into the CSR Dept. within the Corporate Planning Dept. CSR activities will be consolidated at SMFG as well with the same objectives.
Strengthen Promotion of Employee Diversity
A Diversity and Inclusion Dept. will be established within the Human Resources Dept. as part of SMBC’s continuous efforts to foster employee individuality and diversity.
Strengthen Headquarters’ Support of Corporate Business
Offices on Marketing and Credit Risk Management
The Solution Promotion Dept. and the Real Estate Financial Solution Dept. within the Planning Dept. for the Corporate Banking Unit & Middle Market Banking Unit will be consolidated and renamed Middle Market Solution Dept. in order to enhance the headquarters’ ability to support business promotion activities of corporate business offices. At the same time, in order to strengthen support and guidance on credit risk management at corporate business offices, a Credit Monitoring Dept. will be established within both the Credit Dept. I and the Credit Dept. II of the Middle Market Banking Unit.
Change in Organization on Investing in Listed REITs
In order to strengthen and control collection and dissemination of information on listed REITs for investment, a REIT Investment Dept. will be established within the Real Estate Finance Dept.