Misplaced Pages

#522477

94-414: SMBC Group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. It operates in over 40 countries and maintains a presence in all International Financial Centres as the 12th biggest bank in

188-558: A reverse merger with its subsidiary, Wakashio Bank (est. June 1996), to secure financial resources to cover large deferred losses from its equity holdings. Although SMBC was technically dissolved and Wakashio Bank became a company that survived, under the Japanese Commercial Code, the surviving entity took the name Sumitomo Mitsui Banking Corp., just like the disbanded bank name. SMBC President Yoshifumi Nishikawa and chairman Akishige Okada became president and Chairman of

282-682: A 4.9 percent stake in Ares Management . As part of this agreement, the group will make a US$ 384 million equity investment into the firm. In April 2023, SMBC announced a plan to triple its stake in US investment bank Jefferies Financial Group bringing total ownership to as much as 15%. It was part of a broader collaboration between the two companies that would allow SMBC to take on larger rivals while advising and lending to investment-grade companies globally, in addition to working in leveraged finance and mergers and acquisitions. In August 2024, it

376-518: A 40% stake. SMFG announced on October 17, 2006, that it had repaid all of its public funds. MUFG repaid the funds it had inherited from its predecessor, UFJ Bank, in June. MHFG repaid its public funds in July, which had once approached 3 trillion yen. SMFG had initially targeted repaying its public funds by the end of the fiscal year, but it moved up the repayment schedule out of concern that it would be "half

470-469: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen

564-436: A complete integration of the groups as a whole. They hoped to achieve this as early as the 2005 fiscal year. However, on April 8, Daiwa Securities Group Holdings President Shigeharu Suzuki said, "There are no benefits to a merger at this time, and we have no plans to begin negotiations with Sumitomo Mitsui Financial Group." In September 2006, SMFG acquired SMBC Friend Securities, which was a majority-owned subsidiary of SMBC with

658-413: A comprehensive partnership. The corporate brokerage firm Daiwa Securities SMBC, in which SMFG owns 40% and Daiwa owns 60%, was to be merged with part of Nikko Citigroup Securities, with SMFG increasing its stake in the new entity. On May 12, 2009, Daiwa Securities Group President Shigeharu Suzuki said, "a merger of Daiwa Securities SMBC and the major departments of Nikko Citigroup Securities was natural given

752-865: A consequence, HVB is operating exclusively in Germany, where it mainly focuses on private clients business and corporate banking, customer-related capital market activities and wealth management . HypoVereinsbank's predecessor entities include financial institutions that played major roles in the financial history of Bavaria , including the Bavarian State Bank (1780-1971), Bayerische Hypotheken- und Wechsel-Bank (1835-1998), Bayerische Vereinsbank (1869-1998), and Bayerische Notenbank (1875-1934). In 1998, Bayerische Hypotheken- und Wechsel-Bank (also known as Hypo-Bank) and Bayerische Vereinsbank merged to form Bayerische Hypo- und Vereinsbank Aktiengesellschaft, also known as HypoVereinsbank or HVB. The merger

846-538: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,

940-523: A holding company by December and reorganize three related companies, its subsidiary Sumitomo Mitsui Card Company, Sumitomo Mitsui Bank Leasing, and The Japan Research Institute, a sister think tank, as subsidiaries of the holding company. The holding company had a capital of 1 trillion yen, and SMBC CEO Takashi Nishikawa and Chairman Akira Okada each served as president and chairman of the holding company. In July 2002, SMBC announced that it would repay 2,000 billion yen of public funds, which had been accepted in

1034-819: A lap behind" the other megabanks. In December 2006, SMFG announced that it would consolidate its headquarters functions in the Ōtemachi district of Tokyo. Since the merger in 2001, SMFG had its head office in the former Mitsui Bank building in Hibiya , with some headquarters functions in Marunouchi . The new headquarters is located next to the former Sumitomo Bank building, and the move was completed in October 2010. SMFG President Masayuki Oku said, "By consolidating our headquarters, we can improve efficiency and realize advanced and fast-paced operations." On April 27, 2007, SMFG and Mitsui & Co. announced that they would invest

SECTION 10

#1732772407523

1128-553: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During

1222-538: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become

1316-446: A management integration. In response, on July 30, SMFG announced that it had made a management integration proposal to UFJ. On August 8, it was reported that SMFG had sent a formal proposal document summarizing the detailed terms of the integration plan to MTFG. In response to MTFG's plan to provide an investment of approximately 500 billion yen, SMFG said that it would invest at least 500 billion yen and up to 700 billion yen. SMFG proposed

1410-572: A merger ratio of "1 to 1." The recent stock prices of SMFG and UFJ were 1 to 0.77 on average over the past six months, which was an exceptionally favorable condition for UFJ shareholders. However, in February 2005, MTFG and UFJ signed a merger agreement with a merger ratio of "1 to 0.62." SMFG officially decided to withdraw its management integration proposal to UFJ and notified UFJ in writing. On January 1, 2006, MTFG and UFJ Holdings merged to form Mitsubishi UFJ Financial Group . While SMBC eventually lost

1504-508: A new subsidiary company, SMBC Nikko Securities Inc., in April 2011. SMBC Nikko Securities becomes investment banking arm of SMBC group and offers equity and debt financing, trading, and merger and acquisition advisory services worldwide with the main base in Japan . In April 2009, SMFG began considering a preliminary merger of its corporate brokerage business with Daiwa Securities Group, as part of

1598-588: A number of lawsuits by HVB shareholders. The investment company Activest was sold to a UniCredit fund subsidiary called Pioneer Investments. In January 2007, UniCredit announced its intention to carry out a squeeze-out of HVB. The price in this respect was established at €38.26 per share. A decision on the squeeze-out was taken at the Shareholders Meeting on 26 June 2007. Following the Shareholders Meeting, over 100 actions to set aside

1692-747: A perceived risk of confusion with the troubled Hypo Real Estate ), without that affecting the HVB branding strategy. In August 2014, the company announced the sale of the DAB direct banking subsidiary. BNP Paribas paid €354 million for the 81.4% share in DAB held by HVB. HypoVereinsbank sold its interest in PlanetHome AG in June 2015. The transfer of the equities was completed on 16 June 2015. Financial investors AP Capital Investments and Deutsche Invest Equity Partners purchased PlanetHome AG and its subsidiaries. Cooperation with PlanetHome shall remain unaffected by

1786-445: A range of traditional carriers alongside start-up airlines. Its strategy is to own and lease technologically advanced, efficient and frequently-used aircraft types. SMBC Aviation Capital maintains a young fleet with an average weighted age of 4.7 years. The company has a BBB+ rating from Fitch. The company is now in its 15th year in business. In July 2016, the company completed a debut US$ 500 million unsecured notes offering, which

1880-718: A series of events throughout Germany, exhibitions in the various genres of the Fine Arts and an annual competition for the Jugend kulturell Award. Furthermore, HVB hosts the UniCredit Festival Night in Munich's city centre. The annual kick-off event of the Munich Opera Festival presents performances from the world of opera , concert, dance , songs and literature . The UniCredit Festival Night

1974-563: A shareholders' resolution by free HVB shareholders took place; this represents a record for Germany. At the Shareholders Meeting, the Bonn-based lawyer Thomas Heidel was selected as special representative pursuant to § 147 German Stock Corporation Act, who, amongst other things, was to look into possible claims for damages in conjunction with the sale of the Bank Austria shareholding. UniCredit, for its part, lodged an action to set aside

SECTION 20

#1732772407523

2068-457: A shareholders' resolution in turn. During the subsequent period, the special representative lodged complaints that his work was being obstructed. On 15 September 2008, the squeeze-out adopted by the Shareholders Meeting in June 2007 was entered into the commercial register at the Register of Companies in Munich. As such, all remaining HVB shares were transferred to UniCredit by force of law, and

2162-592: A takeover of the Aozora Bank , which was established after the collapse of the former The Nippon Credit Bank. The Aozora Bank President Hiroshi Maruyama expressed reservations about the proposal, as it would have made it difficult for the bank to go public and repay public funds from the proceeds of the IPO. SMBC competed with a joint venture between the US investment firm Cerberus and the German bank HypoVereinsbank , and

2256-672: A total of ¥400 billion in Central Finance Co., Ltd, a credit card company affiliated with MUFG Group. SMFG would effectively own 20% of CF, giving it a controlling stake. This move was seen as an effort by SMFG to strengthen its credit card business, which was lagging behind those of other megabanks. The move was initiated by CF last summer, without the knowledge of MUFG. Central Finance had been in talks with SMFG since then. Meanwhile, MUFG had been trying to merge CF with its close credit card company, Jaccs. However, CF President Tatsuo Tsutikawa and other executives opposed MUFG's plan. "It

2350-691: A universal bank within the meaning of the Mortgage Banking Act and, as a mortgage bank, is also authorised to issue pfandbriefs . Important subsidiaries of UniCredit Bank GmbH are: HypoVereinsbank is a member of the Association of Arts and Culture of the German Economy at the Federation of German Industries , and is both initiator and promoter of numerous cultural projects and institutions. Its cultural commitment extends from

2444-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of

2538-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what

2632-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in

2726-686: Is a location with a significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer

2820-485: Is designed to enhance oversight and expedite decision-making. The company conducts annual evaluations of the effectiveness of its Board of Directors and committees to identify areas for improvement. Core subsidiaries, such as Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities, employ a Company with Audit and Supervisory Committee system as described in the Companies Act. SMBC's shares has become listed on

2914-752: Is one of the world's largest aircraft leasing companies. Headquartered in the International Financial Services Centre in Dublin and with locations in Amsterdam , Beijing , Hong Kong , Kyiv , Moscow , New York , Seattle , Miami , Shanghai , Singapore , Tokyo and Toulouse , the company employs 160 people. In 2012, the company was acquired by the Japanese consortium of Sumitomo Mitsui Banking Corporation (SMBC), Sumitomo Mitsui Finance and Leasing Company Limited (SMFL) and Sumitomo Corporation for US$ 7.3 billion which

Sumitomo Mitsui Financial Group - Misplaced Pages Continue

3008-687: Is organised in cooperation with the Bavarian State Opera . The HypoVereinsbank Art Collection also plays an important role in the bank's promotion of culture. At present, it comprises over 20,000 artworks, ranging from antiquity right down to the present day, which are distributed among 600 branch offices around the world. The Collection focuses on older masterpieces (e.g. Leandro Bassano and François Boucher ); classical, modern and contemporary art (e.g. Kurt Schwitters , Georg Baselitz and Gerhard Richter ), light art (e.g. Dan Flavin ) and photography (e.g. Henri Cartier-Bresson ). In

3102-437: Is trad green, fresh green. The "SMBC" name is shown on the right side of the rising mark with white block letters. In 2014, SMBC Group created an original mascot character called Midosuke , which imitates an otter . The body of the character is green in color, the neck of it is covered by a scarf with the color similar to SMBC group's rising mark logo. The character was designed by Tsuneo Goda (Dwarf Co., Ltd.). Originally, it

3196-890: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there

3290-584: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to

3384-464: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of

3478-582: The Singapore branch has become SMBC's regional hub in Asia Pacific while global headquarters is still maintained in Tokyo , Japan . In February 2009, Citigroup , a US financial company in the midst of a restructuring, announced its intention to sell its Japanese subsidiary, Nikko Cordial Securities , a retail brokerage firm. SMFG, along with MUFG and MHFG, expressed its intention to buy the company. In

3572-606: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by

3666-487: The 1974 merger of Vereinsbank Hamburg  [ de ] (unrelated to Bayerische Vereinsbank) and Westbank. Vereinsbank Hamburg had been founded in 1856 on the initiative of renowned merchants in Hamburg. Westbank was created in 1943 from a forced merger of several smaller banks in northern Germany. It was initially called "Schleswig-Holsteinische und Westbank", and was renamed "Westbank" in 1968. In 2006, HVB took over

3760-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been

3854-604: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published

Sumitomo Mitsui Financial Group - Misplaced Pages Continue

3948-483: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around

4042-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as

4136-549: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in

4230-474: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are

4324-584: The Hong Kong lender to 17.5% from 9.7%. In January 2019, SMBC Indonesia merged with PT Bank Tabungan Pensiunan Nasional Tbk, also known as Bank BTPN. The group owned 96.89% ownership of the bank since the merger was completed on 1 February 2019, with Bank BTPN as the surviving brand. Indonesian authorities approved the merger in December 2018, while Japanese authorities approved the merger a month later. In April 2016, Sumitomo Mitsui Finance and Leasing completed

4418-500: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with

4512-696: The Open Qualifying Series, giving up to four non-exempt players entry into The Open Championship . In April 2015, Sumitomo Mitsui Banking Corporation became a Gold Partner (banking category) for the Olympic and Paralympic Games Tokyo 2020. Since 2014, SMBC has owned the naming rights for the Japan Series . Financial centre#Definitions A financial centre ( financial center in American English ) or financial hub

4606-464: The US financial company GE Capital . The offer price was about 100 billion yen, and Cerberus also offered the same amount. However, Cerberus, as a major shareholder of Aozora Bank with a 12% stake, had the right to purchase the bank first if the offer price was the same as that of the other bidders. In April 2003, Cerberus announced the acquisition of the Aozora Bank. In March 2003, SMBC initiated

4700-517: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in

4794-572: The acquisition of General Electric Group's Japan-based leasing business. In January 2019, Sumitomo Mitsui Banking Corporation (SMBC) raised its stake in PT Bank Tabungan Pensiunan Negara Tbk (BTPN) to 96.9 percent, increasing its position from its previous 39.92% stake at IDR4,282 per share. Bank BTPN focuses on serving the mass market segment consisting of pensioners, micro, small and medium enterprises (MSMEs), productive poor communities; consuming class segment; and

SECTION 50

#1732772407523

4888-514: The addition of OMC Card to its existing subsidiaries, Sumitomo Mitsui Card and Central Finance, SMBC's total cardholder base exceeded 40 million, surpassing its rival, Mitsubishi UFJ NICOS (37 million). SMBC President Masayuki Oku said, "We want to build a group that balances the strengths of banks, credit card companies, and retail card companies." In July 2008, SMBC Group bought a 2.1 percent stake in Barclays Bank for £500m. Since 2008,

4982-441: The board—seven members—are outside directors. The chairman of the board, who does not have responsibilities related to day-to-day business operations, provides independent oversight of the executive officers and directors. Outside directors also chair and serve on both legally mandated and voluntarily established committees. These directors can request reports on compliance, risk management, and other key matters, helping ensure that

5076-691: The company's governance system operates effectively and independently. Over the years, the group has made several adjustments to its governance framework. In 2002, it established voluntary Nominating, Compensation, and Risk Committees as internal committees of the Board of Directors, followed by the addition of an Audit Committee in 2005. The company listed its shares on the New York Stock Exchange in 2010 to enhance transparency in financial reporting and diversify funding methods. In 2015, SMFG formalized its corporate governance guidelines. By 2017,

5170-493: The contest, it was credited with increasing competition within Japan's once staid banking industry. In February 2005, it was revealed that SMFG was in negotiations with Daiwa Securities Group , with a view to a possible merger of the two companies. The two groups had already established a joint venture, Daiwa Securities SMBC, a specialist in corporate transactions, but they were considering merging their holding companies to achieve

5264-413: The context of the judicial scandal involving Gustl Mollath , UniCredit is named as the legal successor of HypoVereinsbank, which failed to forward an internal audit report on customers' capital transfer to Switzerland to the public prosecutor. From the 1990s, HypoVereinsbank put junk properties throughout Germany on the market and helped the buyers with the financing. The true value of the properties

5358-661: The control of customs in China. After the establishment of People's Republic of China, the financial centres in China today are Beijing , Shanghai , and Shenzhen . HypoVereinsbank HypoVereinsbank ( HVB ), legally registered since late 2008 as UniCredit Bank GmbH , is a significant bank in Germany headquartered in Munich . It has been part of the Milan -based UniCredit group since 2005, and fully owned by it since 2008. As

5452-564: The corporate clients portfolio of Westfalenbank AG, which had been founded in 1921 by leading companies in the Rhineland-Westphalian industrial district on Bochum . There was already a connection between the two institutions since Hypo-Bank had acquired a part of Westfalenbank in 1971. Also in 2006, HVB sold its overwhelming majority holding in BA-CA to UniCredit for €13 billion, without an auction process. This subsequently led to

5546-670: The corporate segment in Indonesia . Post acquisition, the entity was merged with SMBC's subsidiary in Indonesia . In a summary of the proposed merger of BTPN and Bank Sumitomo Indonesia, the total assets and total equity of the merged bank reached a total IDR 178 trillion and IDR 26.92 trillion respectively, using financial position as of 31 May 2018. Upon the merger, BTPN became the 8th largest bank in Indonesia by total assets. In August 2024, BTPN changed its name to PT Bank SMBC Indonesia Tbk. In March 2020, SMBC Group agreed to buy

5640-586: The date of first documented banking operations by Mitsui Takatoshi . The group's two main historical components, Mitsui Bank and Sumitomo Bank, were established as modern private banks in the Meiji era , in 1875 and 1895 respectively. SMBC Group also incorporates several of the National Banks in Meiji Japan which were numbered in accordance with their chronological date of establishment until 1880: At

5734-453: The final round of bidding on April 20, SMFG submitted the highest bid. On May 2, SMFG officially announced the acquisition of Nikko Cordial Securities and the major businesses of Nikko Citigroup Securities for ¥545 billion. In October 2009, SMBC purchased all of the operations of Nikko Cordial Securities and certain businesses of Nikko Citigroup , such as the domestic stock and bond underwriting business among others, before reorganizing them into

SECTION 60

#1732772407523

5828-851: The first section of the Tokyo Stock Exchange , the Osaka Securities Exchange and the Nagoya Stock Exchange since December 2002. In March 2008, SMFG announced plans to list on the New York Stock Exchange by 2011. SMFG believed that listing in the US would be improve its financial transparency and international creditworthiness. Its stock tickers are TYO : 8316 and NYSE :  SMFG . SMBC Group has offices in: The overseas subsidiaries and affiliates of SMBC Group are as follows: SMBC Aviation Capital, formerly RBS Aviation Capital,

5922-424: The fluctuation of stock prices. Post the merger, the new entity grew rapidly through organic and inorganic growth strategy. The assets expanded from 102.4 trillion yen in 2003 to more than 200 trillion yen by the end of 2019, making it the 12th largest bank in the world . On July 14, 2004, UFJ Holdings announced that it had decided to enter into negotiations with Mitsubishi Tokyo Financial Group (MTFG) for

6016-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains

6110-501: The form of perpetual subordinated bonds. The funds were part of a total of 1.5 trillion yen that had been injected into the Japanese banking system following the financial crisis of the late 1990s. In 2005, SMBC announced a three-year repayment plan, and in October of that year, it repaid an additional 323.6 billion yen. SMFG initially targeted repaying all of its public funds by the end of the 2006 fiscal year. Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group (MHFG) also had

6204-588: The former Hypo-Bank, which were ended in 2001 against the payment of fines. The fine imposed on Martini in this procedure amounted to DM 700,000. In March 2003, HVB's property financing subsidiary Hypo Real Estate was spun off and floated on the stock market. A minority share in Bank Austria Creditanstalt was also publicly listed. In 2005, an increasingly distressed HVB was taken over by Unicredit. Also in 2005, HVB absorbed Vereins- und Westbank  [ de ] , which had been formed by

6298-462: The group transitioned to a Company with Three Committees structure, increasing the number of outside directors and appointing them as chairpersons of the three legally mandated committees. In 2024, outside directors constituted the majority of the Board of Directors. A Sustainability Committee was also established in 2021, chaired by an outside director, to address environmental, social, and governance (ESG) issues. The group's corporate governance system

6392-662: The joint venture for Daiwa Securities SMBC. Daiwa would buy all of the SMFG-owned shares, which represented 40% of the total, for ¥173.9 billion. Daiwa Securities SMBC would be renamed Daiwa Securities Capital Markets and become a wholly owned subsidiary of Daiwa. The bank steadily increased its tier 1 capital ratios from 12.19% in 2014 to 16.69% as reported in March 2018. Standard & Poor's , Moody's and Fitch Ratings assigned SMBC's an A1, A and A rating respectively (as at March 2018). In March 2015, SMBC Group bought HK$ 6.58 billion (JP¥105 billion, US$ 849 million) of new Bank of East Asia shares, raising SMBC's stake in

6486-536: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,

6580-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.

6674-417: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as

6768-438: The listing on the stock exchanges was discontinued. In April 2008, HVB aligned its brand with that of UniCredit Group. The name HypoVereinsbank was retained; however, the previous blue logo was replaced by black lettering preceded by the red UniCredit logo. In a second step, the German parent entity Bayerische Hypo- und Vereinsbank Aktiengesellschaft was renamed UniCredit Bank AG on 15 December 2008 (amongst other reasons, due to

6862-402: The major subsidiaries beside the banking unit include SMBC Nikko Securities, SMBC Trust Bank, Sumitomo Mitsui DS Asset Management, Sumitomo Mitsui Finance and Leasing and Japan Research Institute (JRI). As of 2024, SMBC group operates with a Board of Directors comprising 13 members with diverse expertise, experience, and backgrounds, including a variety of genders and nationalities. A majority of

6956-556: The new entity respectively. Hiroyasu Ichikawa, President of Wakashio Bank, assumed the position of senior managing director. The purpose of the merger was to generate about 2 trillion yen in book profits (merger surplus) by making the Wakashio Bank the surviving company, and to eliminate the hidden losses of SMBC, such as those on stocks. The profit, then, was used to accelerate write-offs of the bank's unrealized securities losses and boost sales of its shareholdings to reduce risk from

7050-421: The real-estate encumbrances to have cropped up "unexpectedly" to around DM 3.5 billion. This was followed by a bitter dispute between HVB and the former CEO of Hypo-Bank, Eberhard Martini  [ de ] , during the course of which Martini lost his position on HVB's Supervisory Board. The public prosecutor of Munich I also initiated preliminary proceedings against Martini and other management board members of

7144-499: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang

7238-504: The sale of the equities. Since 2016, former subsidiary UniCredit Bank Serbia (formerly HVB Banka Srbija), UniCredit Bank Slovenia (formerly Bank Austria Creditanstalt d.d. Ljubljana), UniCredit Bank Czech Republic and Slovakia (formerly HVB Bank Czech Republic) were directly under UniCredit S.p.A., the parent company of HypoVereinsbank. HVB is a member of the Cash Group . As a mixed mortgage bank , it performs banking operations as

7332-450: The same goal. These moves were due to a number of factors, including the active resolution of non-performing loans, which had stabilized the financial system, and the increased repayment capacity of the banks. The Financial Services Agency had also encouraged banks to repay their funds early, and some banks, which were reluctant to have their management interfered with by the authorities, had responded. In December 2002, SMBC began considering

7426-829: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,

7520-679: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be

7614-595: The time of the merger, the combined entity was of similar size to Deutsche Bank and to the pending merger that would soon form Mizuho Bank . The newly created bank was plagued with bad assets from the Japanese banking crisis . This led to several corporate actions taken by SMBC to clean up its balance sheet and raise capital, including writing off non-performing loans and selling its stake in Goldman Sachs . SMBC announced on July 30, 2002 that it would establish

7708-502: The two companies' competition." He also said, "a full-scale merger of Daiwa Securities (a retail brokerage firm) and Nikko Cordial Securities was not in the cards." However, the full-scale negotiations that began in mid-July dragged on longer than expected. SMFG wanted to increase its stake in Daiwa SMBC from 40% to over 50%, but Daiwa was reluctant. On September 10, 2009, SMFG and Daiwa Securities Group announced that they would dissolve

7802-615: The work of the Hypo Cultural Foundation, with the Kunsthalle  [ de ] in Munich, right through to the sponsorship of music festivals and international competitions (e.g. Bayreuther Festspiele , Rheingau Musik Festival , Bachfest Leipzig , Richard-Strauss-Festival and the singing competition Competizione dell'Opera). For more than 30 years, the bank has been supporting young artists with its own cultural promotion programme, Jugend kulturell . This includes

7896-463: The world by total assets. It is one of the largest global financial institutions in project finance space by total loan value. It is headquartered in the Marunouchi neighborhood of Tokyo . SMBC Group is the second-largest of Japan's three so-called megabanks, with $ 2 trillion of total assets at end-March 2023, behind Mitsubishi UFJ Financial Group ($ 2.9 trillion) and just ahead of Mizuho Financial Group ($ 1.9 trillion). As of May 2020, SMBC group

7990-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has

8084-498: Was conceived as a defensive move favored by the Bavarian authorities, against the prospect of a hostile takeover of Bayerische Vereinsbank by Deutsche Bank which had been rumored since 1996. The new heavyweight expanded its network into Central and Eastern Europe . During the period from 2000 to 2002, HVB completed the integration of Vienna-based Bank Austria Creditanstalt (BA-CA) and created HVB Group . Within that Group, BA-CA

8178-592: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to

8272-536: Was eight times over-subscribed. The group was identified by its holding entity name, Sumitomo Mitsui Financial Group (SMFG), until early of 2018. By March 2018, the group established "SMBC Group" as its master brand name. Since then, the corporate group has been referred to as SMBC Group instead of SMFG. The press release by the company stated the move is to associate the brand with the group's core banking business, Sumitomo Mitsui Banking Corporation. SMBC Group's corporate logo uses "Rising Mark" sign. The background color

8366-605: Was listed as 80th largest public company in the world according to Forbes ranking. In 2023, the company’s rank in Forbes Global 2000 was 86. Since 2011, it has been included into the Financial Stability Board 's list of global systemically important banks . SMBC was formed by the merger of the Sumitomo Bank and Sakura Bank in April 2001. Its history could be viewed as going back to 1683,

8460-477: Was not an option for us to stay with MUFG," Tsutikawa said. "Our unique characteristics would not have been allowed to flourish." At that time, CF was also considering a merger with Quoq Card, a credit card company in the SMFG. In July 2007, SMBC acquired a portion of the shares of Daiei 's credit card subsidiary, OMC Card, from the struggling retailer for ¥74.8 billion. SMBC then became OMC Card's parent company. With

8554-532: Was reported that SMBC Group was in the race with Emirates NBD to acquire a majority stake in Yes Bank . The core subsidiary of the SMBC Group is the banking unit, Sumitomo Mitsui Banking Corporation (SMBC). The group's banking unit is organised in the following structure: Throughout the years, the group has expanded into other related businesses such as leasing, brokerage and asset management. As of 2020,

8648-730: Was responsible for the CEE countries, and bought, amongst others, the Bulgarian bank Biochim, the Serbian Eksimbanka and the Romanian Banca Comerciala Ion Țiriac. However, the 1998 merger soon turned into a financial debacle. Hypo-Bank had entered it with a large mortgage legacy and had substantial encumbrances stemming, in particular, from the allocation of mortgage loans to the new federal states. HVB CEO Albrecht Schmidt  [ de ] later estimated

8742-451: Was the largest ever global sale of an aircraft leasing business. The sale completed on 1 June 2012 and the business was renamed SMBC Aviation Capital. The company currently has a portfolio of 453 aircraft (273 owned and 180 managed) with a further 203 aircraft on order from Airbus and Boeing , made up of a mix of A320neos , A320-200s, B737-800s and B737 MAXs . It has more than 150 airline customers in over 50 countries worldwide, including

8836-628: Was used mainly for official LINE accounts but later it has been used as commercials character, face design of cash cards or debit cards, and merchandise for bank customers. SMBC and Singapore Open have a title sponsorship deal since 2016, making the Singapore top golf tournament commercially known as SMBC Singapore Open. The Singapore Open is a golf tournament in Singapore that is part of the Asian Tour schedule. The event has been held at Sentosa Golf Club since 2005 and since 2017 has been part of

#522477