Sumitomo
Mitsui Banking Corporation
Change of Organization and Permission from Local
Authority to Open Sub-Branches in PRC
Tokyo
,
November 16,
2006
--- Sumitomo Mitsui Banking
Corporation (SMBC, President Masayuki Oku) announced that it has informed the
China Banking Regulatory Commission (CBRC) of its decision to establish a China
Division to manage all branches and representative offices located in Mainland
China
and a Planning Department, China Division to be in charge of head-office
functions. The new organization will start operating on
December 1, 2006
.
SMBC already has three divisions – the
Americas Division, Europe Division and Asia Division – and the China Division
will be established separately from the Asia Division in order to respond quickly
to changes, such as deregulation, in the rapidly growing Chinese market. Under
this framework SMBC will also be able to strengthen risk management and
compliance, thereby enhancing its ability to respond to the wide ranging needs of its customers, including products and services
meeting their needs to increase customer satisfaction.
SMBC also
announced that it has received approval from the CBRC Tianjin Office on
October 13, 2006
,
and the CBRC JIangsu Office
on
November 2, 2006
to open sub-branches in TianjinBinhai New District and
Suzhou
Industrial
Park
, respectively. This is the first time for a
Japanese bank to obtain such a permission in the
Suzhou
Industrial Park
. SMBC
will take the necessary steps including permission from Japanese authority to open
the sub-branches with a view to commencing operation next spring.
<<Reference>>
SMBC’s presence in mainland
China
(after opening of above two sub-branches)
Branches:
Shanghai
,
Tianjin
,
Suzhou
,
Hangzhou
and
Guangzhou
Sub-Branches:
Tianjin
Binhai and
Suzhou
Industrial Park
Representative Offices:
Beijing
,
Shenyang
,
Dalian
and
Chongqing
Tianjin
Binhai New District
TianjinBinhai New District (12,270 square km) is located in the eastern part of
Tianjin
City
, fronting
Bohai
Bay
,
and is about one hour from central
Tianjin
.
Under
China
’s Eleventh Five-Year Plan, the development
of Binhai New District is a national project and is
attracting attention as the third economic development area following
Shenzhen
City
and Pudong New District,
Shanghai
City
.
Currently financial deregulation is being examined in order to turn the
district in a laboratory for financial reform.
Suzhou
Industrial Park
Suzhou
Industrial Park
(288
square km) is located in the eastern part of SuzhouCty,
Jiangsu
Province
, and is about one hour from
Shanghai
.
It is PRC’s only international joint development area and was
established in collaboration with the
Singapore
government. Many foreign
companies have rushed into this area due to its well organized infrastructure,
especially in the Changjiang-Delta Economic Zone.
