SMBC lender to up China branches

Business / Corporate Mar 6, 2013

SMBC lender to up China branches

Sumitomo Mitsui Financial Group Inc.'s consumer loan unit plans to open as many as four China offices in the next two to three years, more than doubling the number to tap demand in the world's second-largest economy. "We want to focus our capital on China, ...

Business May 19, 2012

Resona vows early bailout payback

Resona Holdings Inc., recipient of a ¥1.96 trillion bailout in 2003, plans to pay back most of the money still owed to taxpayers earlier than scheduled thanks to growing profit reserves. "We've built retained earnings and are not going to sell new shares," Resona President ...

MUFJ to hire 200 for derivatives business

Business Apr 25, 2012

MUFJ to hire 200 for derivatives business

Mitsubishi UFJ Financial Group Inc. will hire 50 currency and interest-rate derivatives traders globally in the next three years to help more than double annual profit in the business to ¥500 billion. Lending unit Bank of Tokyo-Mitsubishi UFJ Ltd. will also add 150 sales and ...

Bankers urge aid for Tepco

Business Apr 7, 2011

Bankers urge aid for Tepco

The government needs to come to the financial aid of Tokyo Electric Power Co. before banks resume lending to the beleaguered utility, the head of the Japanese Bankers Association said. "We need to wait until the government clarifies how it will help" Tepco, particularly in ...

National Sep 16, 2009

Credit Saison to maintain independence

Credit card firm Credit Saison Co., 14.3 percent owned by Mizuho Financial Group Inc., will remain independent of the bank as its rivals join up with the country's biggest lenders. "It's a matter of keeping management independence," Chief Executive Officer Hiroshi Rinno said in an ...

Shinsei to swing ax at ex-GE financing unit

Business Apr 17, 2009

Shinsei to swing ax at ex-GE financing unit

Shinsei Bank Ltd. plans to cut "hundreds" of jobs at the consumer lending unit it bought from General Electric Co. last year as the industry contracts, the head of the division said Thursday. Shinsei Financial Co., the renamed former GE subsidiary, will trim staff even ...

SMFG's woes bad sign for banks

Business Apr 11, 2009

SMFG's woes bad sign for banks

Sumitomo Mitsui Financial Group Inc.'s unexpected $3.9 billion loss and plans to seek capital are adding to evidence that Japan's biggest banks may struggle to weather the deepening recession. The Tokyo-based lender, the second-largest by market value, said Thursday it may raise as much as ...