4. SMFG's response to the Great East Japan Earthquake
As SMFG entered a new phase with the new head office, the Great East Japan Earthquake occurred. At 2:46 p.m. JST on March 11, 2011, the Tohoku region in northern Japan was hit by a massive earthquake with a magnitude of 9.0 and an epicenter in the Pacific Ocean off the Sanriku coast. The powerful earthquake triggered the largest tsunami on record, which flooded the entire area on the Pacific coast, inflicting heavy damage to surrounding districts. Even worse, the tsunami induced a serious damage to Tokyo Electric Power Company’s Fukushima Daiichi Nuclear Power Station, with the meltdown of its reactors resulting in a release of huge amounts of radioactive substances into the environment.
At SMBC, a range of activities was conducted in response to the unprecedented disaster. Immediately after the earliest report of the earthquake, an emergency task force headed by the president was set up to collect information and create action plans. SMBC’s Sendai Branch, located in the region hit by the earthquake, accommodated the needs of affected customers in a flexible manner. For example, the branch processed requests for deposit refunds from those who lost their passbooks, instead requiring only valid identification. The branch also provided agent services for the customers of affected local banks. Additionally, SMBC introduced programs to provide concessions on the repayment of housing loans to those affected, while offering special interest-rate housing loans and special funds for corporations. SMBC Group donated about 600 million yen in addition to donations made by employees. Also, special leave programs were introduced to support employees engaging in volunteer activities.
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Chapter 1The Financial Crisis and Realignment of the Financial Sector
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Chapter 2The Birth of SMBC and SMFG
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Chapter 3Initiatives Pursued by SMBC Banking Units in the Early Years
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Chapter 3Initiatives Pursued by SMBC Banking Units in the Early Years
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- Enhancing our retail consulting and payments & consumer finance businesses
- Enhancing corporate financial solutions
- Banking-Securities collaboration in the wholesale securities business
- Challenges facing our global banking business
- Actions by Treasury Unit in preparation for rising interest rates
- Integration of operating systems and administrative functions
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Chapter 4Embarking on Fresh Challenges Under New Leadership
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Chapter 4Embarking on Fresh Challenges Under New Leadership
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- Changes of leadership and the announcement of our new management policy
- Developing group business strategies
- Addressing antitrust issues
- Completing repayment of public funds
- LEAD THE VALUE
- Enhancing our retail financial consulting business
- Enhancing our corporate solution business
- Enhancing our investment banking business
- Global banking business turnaround
- Upgrading risk management in preparation for Basel II
- Development of human resources
- CSR activities
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Chapter 5SMFG’s Response to Global Economic and Financial Turmoil
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Chapter 6Preparing for the Next Decade
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Chapter 1Business Model Reform Under Challenging Business Conditions
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Chapter 1Business Model Reform Under Challenging Business Conditions
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- Our journey under new leadership (the second decade)
- Focusing on growth industries and businesses
- Reforming domestic business operations
- Promoting banking-securities collaboration in Wholesale Banking Unit
- Structural reform of our retail business
- Meeting the needs of an aging society
- Abenomics and Treasury Unit's nimble portfolio management
- Operating in a negative-interest-rate environment
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Chapter 2Enhancing Group Businesses
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Chapter 3Expanding Our Global Business
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Chapter 4Enhancing Corporate Infrastructure Under a New Governance Framework
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Chapter 4Enhancing Corporate Infrastructure Under a New Governance Framework
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- New leadership and enhancing corporate governance
- Introducing group-wide business units and CxO system
- Improving capital, asset, and cost efficiency
- Pursuing our cashless payment strategies
- Retail branch reorganization
- Customer-oriented business conduct
- Enhancing internal-control frameworks
- Valuing diversity and revision of our HR framework
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Chapter 5The Path for Our Future
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Chapter 6Opening a New Chapter in SMBC Group’s History