News Release

November 10, 2000

Sakura Card Co., Ltd.
The Sumitomo Credit Service Co., Ltd.
The Sakura Bank, Ltd.
The Sumitomo Bank, Ltd.

Reorganization of the Credit Card Business
Between Sakura Card and Sumitomo Credit Service

 Sakura Card Co., Ltd.(Katsuya Yamasaki, President)and The Sumitomo Credit Service Co., Ltd. (Shigeyoshi Kato, President) have reached an agreement on reorganization of their credit card businesses, occasioned by the merger of their parent companies, The Sakura Bank, Ltd. (Akishige Okada, President) and The Sumitomo Bank, Ltd. (Yoshifumi Nishikawa, President).

 Sumitomo Mitsui Card Company, Limited that will be established as a result of the business reorganization, will set as its goal to become the number one credit card company not only in terms of sales, profits, and number of members, but also in terms of customer satisfaction and support. In pursuit of the goal, the new company will utilize the established brand of The Sumitomo Credit Service's Sumitomo VISA Card and also its abilities in comprehensive development of card business to meet the diversifying needs of the expanded customer base.

 Sumitomo Mitsui Banking Corporation (will be established on April, 2001) will set credit card business as one of its core operations in the field of retail business, and together with the new company, a strategic group company, will strengthen the relationships with its customers by providing comprehensive clearing services and solutions to their financial needs.

1.Change in Company Name
(1) The Sumitomo Credit Service Co., Ltd. will change its name to Sumitomo Mitsui Card Company, Limited.
(2) Sakura Card Co., Ltd. will not change its name.

2. Business Reorganization
(1) UC Card business will be separated from Sakura Card and absorbed by Sumitomo Mitsui Card Company in accordance with the "Divide and Absorb" method that will be newly applicable under the revised commercial law.
(2) Sakura Card will retain its JCB Card business.

3. Head Office Locations
(1) Sumitomo Mitsui Card Company, Limited
4-5-15 Imabashi, Chuo-Ku, Osaka City, Osaka
(Sumitomo Credit Service's present head office)
(2) Sakura Card Co., Ltd.
1-8-12 Horidome-Cho, Nihonbashi, Chuo-ku, Tokyo
(Sakura Card's present head office)

4. Time Schedule
  Business reorganization is scheduled in April 2001, in consideration of the merger schedule of the parent companies.

5. Others
  Credit cards issued by Sakura Card and The Sumitomo Credit Service will remain valid after the reorganization.