Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (together, referred to as "SMBC Group") announced that SMBC Bank International, a commercial banking subsidiary in London, United Kingdom, intends to start operations as a universal bank.
The first step in this process will be the transfer of securities business from SMBC Nikko Capital Markets Limited to SMBC Bank International, which is currently targeted for the second quarter of 2024, subject to the completion of legal and regulatory processes.
The transfer will enable SMBC Group to better serve customers by offering banking and securities products through a single entity providing a full range of financial services.
By expanding the range of its financial services to meet a variety of customer needs, SMBC Group aims to provide higher value-added solutions to customers in Europe, the Middle East and Africa.
Re-disseminated by The Asian Banker