Key Facts
• Sumitomo Mitsui Financial Group (SMFG) to consolidate retail operations by 2026.
• Securities and trust employees to transfer to Sumitomo Mitsui Bank in phases.
• Bank to handle 2,000 financial products, 10x current offerings, by 2026.
• Individual deposit accounts at Sumitomo Mitsui Bank total approximately 25 million.
• Group aims to expand staff to over 1,000 by the mid-to-long term.
• SMFG to introduce investment trusts, bonds, and listed stocks at bank branches.
• SMFG to promote “Olive” financial app for deposits and payment services.
• Other megabanks, like Mitsubishi UFJ FG and Mizuho FG, also strengthening retail divisions.
Summary
Sumitomo Mitsui Financial Group (SMFG) plans to consolidate its retail operations, including banking, securities, and trust services, into Sumitomo Mitsui Bank by 2026. This move aims to streamline financial product offerings, increasing the number of available products to 2,000, ten times the current figure. The bank, with 25 million individual deposit accounts, will integrate services such as investment trusts, bonds, and listed stocks. To support this shift, hundreds of employees from SMBC Nikko Securities and SMBC Trust Bank will transfer to the bank, with plans to expand the workforce to over 1,000 in the long term. Additionally, SMFG will promote its “Olive” financial app to enhance deposit and payment services. This strategy aligns with Japan’s “asset management nation” initiative and rising interest in financial products. Competitors like Mitsubishi UFJ FG and Mizuho FG are also bolstering their retail divisions.
