Sumitomo Mitsui Banking Corp. announced Tuesday it will set up a financial holding company in early December and place itself and three affiliates under the company's umbrella to increase group flexibility and efficiency.
The move will mean that all of Japan's Big Four financial groups are operating under a holding company setup.
Sumitomo Mitsui said its holding firm, tentatively named Sumitomo Mitsui Financial Group Inc., will be established after approval at an extraordinary shareholders' meeting to be held in late September. The firm will be capitalized at 1 trillion yen.