SMFG on the prowl for new investments in emerging Asia: CEO

Japanese bank aims to create financial groups in Philippines, Vietnam and more

Sumitomo Mitsui Financial Group President and CEO Jun Ohta discussed the importance of going where the economy is growing in an interview with Nikkei. (Photo by Harue Matsushima)

DAICHI MISHIMA, Nikkei staff writer

January 20, 2022 03:39 JST

TOKYO -- Sumitomo Mitsui Financial Group "has no plans to slow down investments in Asia," President and CEO Jun Ohta told Nikkei in a recent interview, as the Japanese megabank doubles down on fast-growing overseas markets amid a shrinking population and ultralow interest rates at home.

SMFG last year invested 380 billion yen ($3.31 billion) in Vietnamese nonbank lender FE Credit, the Philippines' Rizal Commercial Banking Corp., and nonbank lender Fullerton India Credit. Ohta said his company will continue to explore investment opportunities throughout the region, with a focus on the Philippines, Vietnam, Indonesia and India, where it already has a track record.