Sumitomo Mitsui Financial Group, Japan’s second largest bank by
market value, will expand its services to other Asian countries to
attract affluent clients.
The bank’s president, Teisuke Kitayama, said that the bank will
primarily focus on retail banking services in China, Indonesia and
Thailand.
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The bank, which already operates in Vietnam, said it is
currently looking into opportunities in other Asian markets.
Kitayama has focused on expanding Sumitomo
Mitsui Financial Group’s business abroad since he became president
in 2005.
The bank also targets other areas of banking,
including investment banking via its brokerage arm Nikko Cordial
Securities, purchased from Citigroup, and its ownership of Hong
Kong-based Bank of East Asia.
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