Key Developments: Sumitomo Mitsui Financial Group Inc (8316.T)
24 May 2013
Latest Key Developments (Source: Significant Developments)
Sumitomo Mitsui Financial Group Inc Announces Partial Change to Article of Incorporation of Authorized Share Number
Sumitomo Mitsui Financial Group Inc announced that it has received approval from the shareholders meeting to make partial change to its article of incorporation. Based on change to article six, the Company will decrease total number of authorized shares from 3,000,634,001 shares to 3,000,564,000 shares. Full Article
Sumitomo Mitsui Financial Group Inc's Sumitomo Mitsui Banking Corp To Buy Up To 40% Of Bank Tabungan Pensiunan Nasional Tbk PT-Reuters
Reuters reported that Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40% of Indonesian lender Bank Tabungan Pensiunan Nasional Tbk PT (BTPN), giving the Japanese bank a foothold in the fast-growing Southeast Asian economy. SMBC will first buy 24.26% of BTPN for 6,500 rupiah per share, a 14% premium to BTPN's last traded price - paying IDR9.12 trillion ($937 million) according to Reuters calculations. It is buying most of it from TPG Capital, which acquired 71.6% of Bank Tabungan Pensiunan Nasional Tbk PT (BTPN) BTPN.JK in 2008. SMBC will raise its stake in the Indonesian lender to 40% as long as it wins regulatory approval, the Japanese bank said in a statement on Wednesday. SMBC is a unit of Sumitomo Mitsui Financial Group Inc (SMFG). It was unclear how TPG plans to exit the rest of its stake in BTPN. Full Article
Sumitomo Mitsui Financial Group Inc Raises Consolidated Full-year Outlook for FY 2013; Raises Year-end Dividend Forecast for FY 2013
Sumitomo Mitsui Financial Group Inc announced that it has raised the consolidated full-year outlook for ordinary profit from JPY 830 billion to JPY 1,070 billion and net profit from JPY 540 billion to JPY 790 billion for the fiscal year ended March 31, 2013. The positive outlook is mainly due to the increase of business income and reduce off credit related costs of its subsidiary, Sumitomo Mitsui Banking Corporation. The Company has also raised the year-end dividend forecast from JPY 50 per share, disclosed in November 2012 to JPY 70 per share including a common dividend of JPY 60 per share and a bonus dividend of JPY 10 per share, in the commemoration of its 10th anniversary of foundation, for the fiscal year ended March 31, 2013. Full Article
Panasonic Corp Sells Third Tokyo Property to Sumitomo Mitsui Financial Group Inc's Unit and Nippon Building Fund Inc-Reuters
Reuters reported that Panasonic Corp has sold a central Tokyo building for around JPY50 billion ($536 million) to two Japanese investors. Sumitomo Mitsui Finance and Leasing, a unit of Sumitomo Mitsui Financial Group Inc will take a 90% stake in the 43-storey high-rise in Tokyo's Shiodome district, while Japanese real estate trust Nippon Building Fund Inc will take a 10% interest, Nippon Building Fund said in a statement. Full Article
Sumitomo Mitsui Financial Group Inc Amends Consolidated Mid-year Ordinary Profit and Net Profit Outlook for FY Ending March 2013
Sumitomo Mitsui Financial Group Inc announced that it has reaffirmed its consolidated mid-year outlook for ordinary profit of JPY 460 billion, and raised its consolidated mid-year outlook for net profit from JPY 250 billion to JPY 330 billion for the fiscal year ending March 2013. Full Article
ORIX Corporation Announces Acquisition Price of ORIX Credit Corporation from Subsidiary of Sumitomo Mitsui Financial Group, Inc.
ORIX Corporation announced that the acquisition price of ORIX Credit Corporation from Sumitomo Mitsui Banking Corporation, which is a subsidiary of Sumitomo Mitsui Financial Group, Inc., has been set at JPY 30,990 million. The transaction will be conducted on June 29, 2012. Full Article
Sumitomo Mitsui Financial Group, Inc.'s Subsidiary to Sell All Stake in ORIX Credit Corporation to ORIX Corporation; Announces Business Alliance with ORIX Corporation Group
Sumitomo Mitsui Financial Group, Inc. announced that its subsidiary, Sumitomo Mitsui Banking Corporation, has decided to sell all its stake (a 49% stake), or 4,004,824 shares in ORIX Credit Corporation to ORIX Corporation, effective April 26, 2012. After this, ORIX Corporation will hold a 100% stake in ORIX Credit Corporation. Sumitomo Mitsui Financial Group, Inc. also announced that Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation, ORIX Credit Corporation and ORIX Corporation will enter into a new business alliance in place of the previously concluded business alliance agreement between the three companies of Sumitomo Mitsui Banking Corporation, ORIX Credit Corporation and ORIX Corporation. Sumitomo Mitsui Financial Group, Inc. group and ORIX group will continue the close relationship and increase the corporate value through this business alliance. ORIX Credit Corporation will continue to secure a director seat from Sumitomo Mitsui Financial Group, Inc., and maintain the alliance including guarantees between Promise and ORIX Credit Corporation, and loan servicing business of ORIX Credit Corporation managed by Sumitomo Mitsui Financial Group, Inc. group Full Article
Royal Bank of Scotland Group plc Announces Sale of RBS Aviation Capital to Consortium of Sumitomo Mitsui Financial Group Inc
Royal Bank of Scotland Group plc announced that it has agreed to sell RBS Aviation Capital to Sumitomo Mitsui Banking Corporation (SMBC), acting on behalf of a consortium comprising its parent, Sumitomo Mitsui Financial Group Inc, and Sumitomo Corporation (the Consortium). As a result of the sale, the Consortium will acquire RBS Aviation Capital for an approximate consideration of $7.3 billion, (£4.7 billion), subject to certain post closing adjustments. Future order commitments of $3.7 billion, (£2.4bn) will transfer with the business. The risk weighted assets associated with the Aviation Capital business are $2.5 billion, (£1.6 billion ). It is expected that the sale will complete before the end of Q3 2012. The proceeds from the transaction will further strengthen the Core Tier 1 capital position of the Group and will be used to reduce wholesale funding requirements and fund ongoing lending. The disposal is expected to reduce Non-Core Division's third party assets by $7.0bn, (£4.5bn) on completion. RBS Aviation Capital was designated part of Non-Core in February 2009 following the Group's Strategic Review, which called for de-leveraging to strengthen the Group's balance sheet, along with increased business focus. The total consideration payable to RBS, before the assumption of external indebtedness and working capital liabilities, is expected to be approximately $7.3 billion, (£4.7 billon). Full Article
Reuters reported that Sumitomo Mitsui Financial Group, Inc. plans to acquire a minority stake in a mid sized Chinese fund house to access China's struggling but still attractive mutual fund industry. An SMFG unit has agreed to buy a 20% stake in Beijing based China Post & Capital Fund Management Co. The deal, which still awaits regulatory approval, is estimated by some analysts to be worth about 400 million yuan ($63.6 million). Full Article
Promise Co., Ltd. Issues New Shares through Private Placement to Sumitomo Mitsui Financial Group, Inc.
Promise Co., Ltd. announced that it has completed the issue of 225,988,700 new shares of its common stock at the price of JPY 531 per share to Sumitomo Mitsui Financial Group, Inc. through a private placement, on December 26, 2011. As a result, Sumitomo Mitsui Financial Group now became the parent company of Promise. Full Article
TOKYO - Japan's top three banks forecast weaker annual earnings as aggressive monetary easing squeezes them out of a profitable government bond trade and forces them to rely more on bread-and-butter lending where margins remain razor-thin.