Sumitomo Mitsui Banking Corp. said Thursday it will open the first branch in seven years to promote services for individuals.

The move marks a business priority shift to expansion from rationalization after the disposal of bad loans.

The new branch near Shinagawa Station in Tokyo will begin operating in June. It will have a 33-year-old manager, the youngest among Sumitomo Mitsui’s branch managers, the commercial bank said.

The new branch will specialize in services for individuals, including housing loans and advice on asset management.

SMBC had around 850 branches in 1991. It began reducing its network in stages, and had 435 outlets at the end of last September.

Coronavirus banner