3. Seven key business strategies

The Medium-Term Management Plan described seven key strategies built for two purposes: transformation (reform existing business models) and growth (take up challenges to enter new fields of business). The Group implemented various programs as follows.

To “pursue sustainable growth of the wealth management business,” which is one of the seven key strategies, SMBC Group launched a new intragroup collaboration scheme in April 2020 to strengthen services for wealthy business owners and individuals. This scheme was designed to create the new SMBC Private Wealth brand, under which relevant business services previously offered independently by SMBC, SMBC Nikko Securities, and SMBC Trust Bank were consolidated, and a securities-banking-trust business collaboration was promoted under the leadership of SMBC Nikko Securities. The new brand offers a broader and finer-tuned product and service lineup that ranges from distinctive investment products and advanced risk management to business succession support as well as trust and concierge services, through leveraging the Group’s overall strengths.

In order to “enhance overseas CIB business (Corporate and Investment Banking business) to improve asset/capital efficiency,” operational structures were refurbished in March 2021 so as to enable SMBC Nikko Securities to execute its business efficiently to expand targeted markets. The organizational change aimed to build a stronger basis for effective responses to a diverse range of customer needs, thus increasing the business capacity as a solutions provider.

As a measure to “hold the number one position in the payment business,” the Payments & Consumer Finance Division was established in April 2021. The new division is led by Sumitomo Mitsui Card Company, and is accelerating group-wide efforts to take business opportunities in the growing payment business market.