Chapter 4
Embarking on Fresh Challenges Under New Leadership

1. Changes of leadership and the announcement of our new management policy

In June 2005, Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) reorganized the top management team. The new team was led by Masayuki Oku, appointed as Chairman of the Board of SMFG and President of SMBC, and Teisuke Kitayama as President of SMFG and Chairman of the Board of SMBC.

In July 2005, the two new leaders gave their speeches before the general managers of SMBC. They jointly stated that SMBC Group would continue endeavoring to establish a reputation as the most trusted top-ranked financial institution, maintaining the corporate mission that was unchanged from the founding of the company. Oku expressed his commitment to three goals: 1) customer-first and field-oriented management; 2) qualitative and quantitative expansion; and 3) building track records with a spirit of integrity. Kitayama discussed the need for effective group strategies to create new value from the perspective of customers as the key approach to boosting competitiveness and emphasized the crucial importance of successful group management.