• Published on 12 July 2023
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Jenius Bank launches US digital consumer banking business

Sumitomo Mitsui Financial Group (SMFG) president and group CEO Jun Ohta, together with subsidiaries (SMBC Group) announced that it has begun providing personal loans to US residents through Jenius Bank, a division of Manufacturers Bank, a California state-chartered bank that is a wholly-owned subsidiary of SMBC Group.

Jenius Bank creates an opportunity for SMBC Group to deepen and expand its US business, providing scale and growth potential in the US consumer banking market. By taking a different approach to conventional banking services, Jenius Bank will operate as a digital bank without physical branches, providing customers with a banking experience that is built on their preferences.

Additionally, through its extensive consumer research programme, Jenius Bank will proactively incorporate customer feedback while developing and updating its products and services to meet the constantly changing needs of customers.

Jenius Bank intends to become a full-service bank for the US market with additional offerings in the coming months, including a savings product and mobile app. SMBC Group will continually create new businesses that best serve and add value to customers in the rapidly evolving digital financial environment.

Re-disseminated by The Asian Banker