ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

SMFG reorganizing units to widen retail reach

TOKYO -- Japanese megabank Sumitomo Mitsui Financial Group will bring an affiliated asset management company under the control of its main banking unit and merge two of its brokerages in a bid to strengthen its retail finance business.

     Sumitomo Mitsui Banking Corp. will turn Sumitomo Mitsui Asset Management, in which it already has a 40% stake, into a subsidiary as early as the summer. The bank will acquire an additional 7.5% interest each from Sumitomo Life Insurance and Mitsui Sumitomo Insurance, as well as Mitsui Life Insurance's entire 5% stake in the asset management company.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more