• Kyodo

  • SHARE

Sumitomo Mitsui Financial Group Inc. and its Sumitomo Mitsui Banking Corp. unit aim to expand their earnings in Asia by 50 percent to ¥150 billion in three years, their presidents said in separate interviews.

SMFG President Koichi Miyata and SMBC President Takeshi Kunibe, both 57, said they would like to acquire more customers in emerging Asian economies by expanding business bases and enlisting personnel familiar with local business practices.

Kunibe said SMBC will “increase overseas loans by about ¥6 trillion and inject 60 percent of them into Asia,” aiming to raise the proportion of overseas earnings in overall earnings to around 30 percent by fiscal 2013 from about 20 percent in fiscal 2010.

Kunibe also said the bank will increase the number of its business bases in emerging economies mostly in Asia by 50 percent from 24 at present.

To develop human resources for the overseas deployment, Sumitomo Mitsui plans to have about 1,000 employees study at language schools and send 200 employees to overseas branches for training in fiscal 2011.

Miyata said SMFG will utilize the installment sales knowhow employed by group credit firms to increase such earnings by meeting demand in emerging economies for the purchase of cars and bikes with loans.

Kunibe denied the possibility of a debt waiver for Tepco.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)