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Sumitomo Mitsui Financial Group Inc.’s lending unit has agreed to raise salaries for the first time in 19 years as an economic recovery spurs profit at Japan’s second-largest bank by market value.

The company will increase base pay by 0.5 percent in the coming financial year starting Tuesday, in line with a request by its labor union, a spokesman for Sumitomo Mitsui Banking Corp. said Thursday. Bonuses will also rise, by 5 percent, he added.

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