Figures for Sumitomo Mitsui reached $9.3bn, $43.8bn and $1073bn, respectively, in the three categories, with the bank showing an improved 13.2% return on equity for the period.
Sumitomo Mitsui Financial Group (SMFG) has made a number of initiatives to strengthen business both in the global market and also in consumer finance in Japan. In June 2008 it invested £500m ($788.1m) in the UK’s Barclays and earlier had formed alliances with Vietnam Eximbank, Taiwan’s First Commercial Bank, China’s ICBC and South Korea’s Kookmin Bank. And besides new branches in China, SMFG has formed a strategic alliance with Central Finance and Mitsui & Co in Japan.
“It is a great honour to be awarded the Bank of the Year,” says CEO Teisuke Kitayama. “In April 2007, we entered into our three-year medium-term management plan titled ‘Lead the Value’. Under this plan, we focus on strengthening targeted growth business areas and fortifying a platform for supporting sustainable growth, aiming to become a globally competitive financial service group with the highest trust.
“As a first step towards accomplishing this plan, we made a strong start in fiscal 2007, while coping with uncertainties of the current business environment. In fiscal 2008, even under the continuous turbulence in financial markets, we will continuously advance, leveraging our core strength of ‘sprit of innovation’, ‘speed’ and ‘solution and execution’.”
