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.