Sumitomo Mitsui 
Financial Group

In December 2002, Sumitomo Mitsui Banking Corporation (SMBC) formed Sumitomo Mitsui Financial Group, Inc. (SMFG), a holding company, through an equity transfer, and became a wholly owned subsidiary of the new company. This was the beginning of SMBC Group, a group management structure led by the holding company responsible for planning and implementing group strategies, enhancing governance of member companies, and other functions.

SMBC Group started with one direct subsidiary, SMBC. In February 2003, Sumitomo Mitsui Card Company (SMCC), SMBC Leasing Company (presently Sumitomo Mitsui Finance and Leasing Company [SMFL]), and Japan Research Institute (JRI) became wholly owned subsidiaries of SMFG. Following this, SMFG vigorously promoted the expansion of the Group’s business areas and markets, including those that are overseas. Major implementations were as follows. Promise (presently SMBC Consumer Finance), became an equity-method affiliate in 2004 and then a wholly owned subsidiary in 2012; Nikko Cordial Securities (presently SMBC Nikko Securities) became a wholly owned subsidiary in 2009. Adding to those, SMBC acquired Société Générale Private Banking Japan (presently SMBC Trust Bank) in 2013. It also acquired an aircraft leasing business in 2012, and bought a stake in BTPN, a midsized Indonesian bank in 2013, and consolidated it in 2019. At the same time, SMFG flexibly pursued optimal group management strategies such that SMFG deconsolidated SMFL to place it as an equity-method affiliate in 2018.

SMFG was listed on the first section of the Tokyo Stock Exchange upon its establishment. In November 2010, our shares began to be traded on the New York Stock Exchange. In April 2017, SMFG introduced group-wide business units and the CxO system, with the aim of bolstering the group management structure on a global basis. In June 2017, SMFG shifted its status from a “company with board of company auditors” to a “company with a nominating committee, etc.” as a measure to enhance corporate governance.

As of March 31, 2021, the Group has grown to be comprised of 177 consolidated subsidiaries and 98 equity-method affiliates, including SMBC, SMBC Trust Bank, SMFL, SMBC Nikko Securities, SMCC, SMBC Finance Service, SMBC Consumer Finance, JRI, and Sumitomo Mitsui DS Asset Management Company. Aiming to achieve its medium- to long-term vision of becoming a “trusted global solution provider committed to the growth of our customers and advancement of society,” SMBC Group continues to expand the scope of its business globally as well as across the group companies.