Oct 21st, 2008

Sumitomo Mitsui Banking Corporation

 

 

Approval Received of Preparation for Establishment of Subsidiary Bank in China

 

TOKYO, Oct 21st, 2008 --- Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) received approval of its application to commence preparations for the establishment of a wholly-owned subsidiary of SMBC, Sumitomo Mitsui Banking Corporation (China) Limited, which was submitted to the China Banking Regulatory Committee in accordance with the Regulations of the People’s Republic of China on Administration of Foreign-invested banks and the related rules. SMBC will take necessary steps to establish the subsidiary for starting operations in the next year.

 

SMBC organized “China Division” and started the structure of managing all China Mainland in December 2006, meanwhile it continued examining the establishment of subsidiary deliberately. This time it determined to establish the subsidiary because of its judgment that it is able to strengthen its services by the establishment now.

 

For SMBC, China is one of its most important markets in the world. SMBC will proceed the efforts to provide more comprehensive services to customers.

 

Profile of the Banking Subsidiary

Name	(English)    Sumitomo Mitsui Banking Corporation (China) Limited (Chinese)   三井住友银行(中国）有限公司 (Japanese)  三井住友銀行（中国）有限公司
Structure	Limited Capability Company
Shareholder	Sumitomo Mitsui Banking Corporation (100%)
Head Office Location	Pudong New Area, Shanghai , People's Republic of China
Business Activities	Deposit taking, lending, domestic exchange, foreign exchange, treasury operations, securities investment, and other finance/banking related business