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Japan's Sumitomo Mitsui to open online lender in U.S.

Jenius Bank to offer personal loans to workers earning $100,000 a year

Sumitomo Mitsui Financial Group expects Jenius Bank's cost structure will allow it to beat the competition with higher interest rates on deposits or lower rates on loans. (Photo by Wakako Iguchi)

TOKYO -- Sumitomo Mitsui Financial Group has created a digital bank brand it will use to enter the U.S. in 2023, an escape route of sorts from Japan's declining population and prolonged low interest rates.

Jenius Bank will sell personal loans and other financial products.

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