Koichi Miyata News
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Japan’s three biggest banks led by Sumitomo Mitsui Financial Group Inc. forecast earnings will decline this year as monetary easing makes loans less profitable even as borrowing picks up amid an economic recovery.
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Sumitomo Mitsui Financial Group Inc. agreed to buy 40 percent of Indonesia’s PT Bank Tabungan Pensiunan Nasional for about $1.5 billion, the Japanese lender’s biggest purchase of a foreign financial firm.
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Sumitomo Mitsui Financial Group Inc., Japan’s second-largest bank by market value, may sell a record amount of dollar-denominated bonds next year to fund loan expansion abroad.
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Shizuoka Bank Ltd. joined Japanese national lenders in expanding U.S. dollar finance activity, anticipating monetary easing will crush margins on yen loans.
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Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest bank by market value, plans to buy “several hundred billion yen” of assets being sold by European lenders building capital to weather the region’s debt crisis.
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Sumitomo Mitsui Financial Group Inc. has discussed a potential purchase of TPG Capital’s $1.7 billion stake in Indonesia’s PT Bank Tabungan Pensiunan Nasional, said a person with knowledge of the matter.
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Sumitomo Mitsui Financial Group Inc. , Japan’s second-biggest lender by market value, will boost its brokerage staff by 11 percent as it aims to win customers from Nomura Holdings Inc., the country’s top investment bank.
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Sumitomo Mitsui Financial Group Inc. President Teisuke Kitayama will step down and be replaced by Koichi Miyata as soon as April, the Yomiuri newspaper reported, without saying where it got the information.
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Japan’s biggest banks are poised to accelerate sales of their stock holdings after 534 billion yen ($6.7 billion) in equity investment losses eroded profit.
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Sumitomo Mitsui Financial Group Inc.’s consumer loan unit plans to open as many as four China offices in the next two to three years, more than doubling the number to tap demand in the world’s second-largest economy.
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