After spending more than ¥376.6 billion ($3.3 billion) on deals in Asia this year, Sumitomo Mitsui Financial Group Inc. Chief Executive Officer Jun Ohta said his ambitions in the region are far from completed and that he will weigh more transactions in the future.

“We will consider if there are good targets,” he said in an interview. “Our ultimate goal is to create a second and third SMBC Group. We just lack everything,” he added, using its preferred name for the banking conglomerate.

The head of Japan’s second-largest lender is seeking to broaden services across Asia, acquiring commercial banks and consumer-finance companies with a focus on four countries: Indonesia, India, Vietnam and the Philippines. Faced with weak growth prospects at home, Japan’s top banks are building on footholds overseas.

In the U.S., Ohta said Sumitomo Mitsui’s strategic alliance with Jefferies Financial Group Inc. that began earlier this year has already generated some deals. His firm wants to raise its stake in Jefferies above 5% in the future, subject to a written agreement with the Federal Reserve Bank of New York, he said.

Ohta’s also interested in American retail banking, and said he may consider entering online lending in the U.S. as a way to secure a position in that market.

Under Ohta’s leadership, Sumitomo Mitsui has made a string of acquisitions and strategic investments in Asia this year. In April, the bank said it would buy a 49% stake in Vietnamese consumer lender FE Credit for about ¥150 billion. That was followed by an announcement in July that it would acquire a 74.9% stake in Fullerton India Credit Co. for about $2 billion. Sumitomo Mitsui also took a 4.99% stake in Rizal Commercial Banking Corp. of the Philippines for about ¥10 billion.

Ohta says the bank’s plan is to capture demand for specific financial services at each stage of economic development in the region, starting with small consumer finance — such as loans for motorcycle purchases. Eventually, the bank hopes to expand businesses that thrive in more mature economies, like investment banking, he said.

Despite his efforts to build up its Asia business and increase shareholder returns, he acknowledged the bank’s stock price remains too cheap. “It’s a shame,” he said, pointing out the company’s price-to-book ratio of about 0.43. “It’s frustrating. We want to do something about this but we have not been successful yet.”

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