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.