Sumitomo Mitsui Financial eyes expansion in Asia

JIJI

Sumitomo Mitsui Financial Group Inc. will enhance its operation in Asia in cooperation mainly with nonbank affiliates, President Koichi Miyata said. He also said the group will “study business acquisitions abroad, mainly in Asia, if opportunities arise.”

Sumitomo Mitsui has consumer credit company Cedyna Financial Corp. and consumer loan provider SMBC Consumer Finance Co. under its wing.

Miyata said that sales of automobiles and motorcycles have been robust in Southeast Asia, adding that Cedyna has strength in sales finance operations.

Miyata disclosed the group’s plan to integrate the computer systems of Sumitomo Mitsui Card Co. and Cedyna, saying the credit card affiliate will first renew its system and Cedyna will then use the same system. The group’s consumer loan operations will be integrated into SMBC Consumer Finance, he said.

Miyata said Sumitomo Mitsui Banking Corp., the nucleus of the group, will continue supporting Tokyo Electric Power Co. as one of its main creditor banks. But he also said Tepco should make efforts not to worry its creditor banks and holders of its bonds. Tepco faces huge costs for compensation to people affected by the triple-meltdown calamity at its Fukushima No. 1 nuclear plant.