Sumitomo Mitsui Financial Group, Inc.NYSE
Wed, Sep. 21, 1:00 PM
Sun, Aug. 14, 1:16 PM
- Japan's financial watchdog estimates that negative interest rates under the BOJ's monetary easing policy will reduce profits for the country's three big banks - Mitsubishi UFJ Financial (NYSE:MTU) , Sumitomo Mitsui (NYSE:SMFG) and Mizuho Financial (NYSE:MFG) - by at least $3B for the year through March 2017, the Nikkei reports.
- The BOJ implemented negative interest rates in February in a bid to boost the economy, under which it charges banks for parking some of their excess reserves at the central bank.
Fri, Jul. 29, 1:00 PM
Tue, Feb. 16, 9:13 AM| Tue, Feb. 16, 9:13 AM | 1 Comment
Fri, Jan. 22, 10:43 AM
- Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG): 1H16 EPS of ¥324.86
- Net interest income of ¥710.98B (+1.5% Y/Y)
Dec. 15, 2015, 3:27 AM
- After scooping up its European P-E financing business in June, Sumitomo Mitsui Financial Group (NYSE:SMFG) has agreed to buy General Electric's (NYSE:GE) Japanese leasing business for $4.8B.
- The deal is part of the conglomerate's plan to sell off about $200B of GE Capital assets (a move it hopes to largely complete by end-2016), as it distances itself from finance to focus on its industrial roots.
- Previously: GE sheds more finance assets (Dec. 09 2015)
Dec. 9, 2015, 12:08 PM
- The company is nearing a deal to sell its Japanese commercial-lending operation to the leasing arm of Sumitomo Mitsui Financial Group (NYSE:SMFG) for $4.7B, according to the WSJ. A month ago, it had been reported the potential buyers had been narrowed to two.
- Japan's 2nd-largest bank by market cap, SMGF a few months back purchased GE's European P-E financing business for roughly $2.2B.
- Previously: GE to sell Hyundai Capital stake (Dec. 9)
Nov. 16, 2015, 2:57 AM
- The race to buy General Electric's (NYSE:GE) Japanese commercial-lending operation is nearing the finish line with two bidders remaining, sources told WSJ.
- The leasing arm of Sumitomo Mitsui Financial Group (NYSE:SMFG) and Shinsei Bank (OTCPK:SKLKY) submitted binding bids earlier this month and both will continue discussions for the business valued at nearly $5B.
- Media reports on Friday said GE was set to enter into exclusive talks with SMFG.
Nov. 13, 2015, 2:56 AM
- Sumitomo Mitsui Financial Group (NYSE:SMFG) is set to enter exclusive talks to buy General Electric's (NYSE:GE) Japan leasing business, the Nikkei reports, stating that SMFG's offer values the business at under ¥600B ($4.9B).
- As part of its global plan to unwind its financing division, GE placed the unit up for sale earlier this year, and several Japanese financial institutions expressed interest.
Nov. 9, 2015, 4:24 AM
- The Financial Stability Board has published new rules that aim to stop banks from becoming "too big to fail," confirming its final proposals for Total Loss Absorbing Capacity, or TLAC.
- Under the plan, large lenders will have by January 2019 to hold a financial cushion of at least 16% of their risk-weighted assets in equity and debt that can be written off. That requirement will gradually increase, reaching 18% of assets weighted by risk by January 2022.
- The FSB will put the rules, which will apply to the world's top 30 banks, to the G20 later this month.
Sep. 4, 2015, 7:11 AM
- Japanese megabanks were among those to make offers for General Electric's (NYSE:GE) Japanese commercial finance operations today.
- Bidders included Orix (OTC:ORXCF) and the leasing units of Sumitomo Mitsui Financial Group (NYSE:SMFG), Mitsubishi UFJ Financial Group (NYSE:MTU) and Sumitomo Mitsui Trust Holdings (OTCPK:SUTNY).
- The banks will conduct due diligence over the next several weeks and determine the value of the operations, with the price likely to be several billion dollars.
Jun. 23, 2015, 7:22 AM
- Sumitomo Mitsui Financial Group (NYSE:SMFG) has expressed interested in General Electric's (NYSE:GE) U.S. railway-leasing business, as the latter continues to sell the bulk of its financial services division.
- GE Capital Rail Services, which could be worth around $4B, also has drawn interest from Wells Fargo (NYSE:WFC) and other U.S. financial institutions.
- Source: WSJ
Mar. 31, 2015, 6:54 AM
- Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
- The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
- In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
Dec. 25, 2014, 3:14 AM
- Sumitomo Mitsui (NYSE:SMFG) has announced that it will buy Citigroup's (NYSE:C) Japanese retail banking operations to expand services for wealthy individuals in the country.
- The deal, which includes ¥2.4T ($20B) in deposits, 740K customers and 32 branches, is expected to close in October.
- Previously: Timeline disclosed for SMBC, Citi deal (Dec. 24 2014)
Dec. 24, 2014, 2:30 AM
- Sumitomo Mitsui (NYSE:SMFG) will buy Citigroup's (NYSE:C) Japanese retail banking operations in October for about ¥40B ($332M), Reuters reports, outlining a date for the long-awaited sale. Sumitomo Mitsui will announce the deal tomorrow.
- Citi is looking to exit 11 consumer-banking markets with poor returns, including Japan, as it looks to focus on corporate and investment banking, markets and transaction services.
Dec. 9, 2014, 3:04 AM
- Source: Bloomberg
- Previously: Sumitomo Mitsui with inside track to buy Citi's Japan consumer unit (Nov. 17)
- Previously: Citigroup looks to sell Diners Club in Japan with retail unit (Sep. 12)