Approval to Commence Preparation for Opening Dalian Branch of SMBCCN(1/1)
Sumitomo Mitsui Banking Corporation
to Commence Preparation for Opening
Tokyo, July 30, 2015 --- Sumitomo Mitsui Banking Corporation (SMBC, President & CEO: Takeshi Kunibe) announced today that its wholly-owned subsidiary Sumitomo Mitsui Banking Corporation (China) Limited (gSMBCCNh, President: Toshiyuki Tatsuta) has received the approval from the China Banking Regulatory Commission, as of July 28, 2015, to start preparing for the establishment of a branch in Dalian, Peoplefs Republic of China. With this approval, SMBCCN will start taking the necessary steps to open the branch, whereby its network will total ten branches (including the Shanghai head office) and six sub-branches.
Dalian, as the doorstep of Northeast China, has been achieving remarkable economic development and growth under the Chinese governmentfs market-opening reform policy, and many Japanese companies have established operations in the city. Further growth is expected under the governmentfs renewed efforts to revitalize Northeast China.
China is one of SMBCfs most important markets in the world, and its goal is to provide comprehensive financial services to its clients in China in collaboration with SMBCCN. The new branch in Dalian, in addition to SMBCCNfs branch in Shenyang, will enable it to provide enhanced services to clients in Northeast China.