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☆ Japan's Sumitomo Mitsui Financial Group CEO dies at 65
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Sumitomo Mitsui Financial Group Inc (SMFG)'s new chief executive Jun Ohta attends a news conference in Tokyo, Japan, December 14, 2018. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Nov 27 (Reuters) - Sumitomo Mitsui Financial Group (SMFG) (8316.T) on Monday said group CEO Jun Ohta died on Nov. 25 aged 65 of pancreatic cancer. Japan's second-biggest lender after Mitsubishi UFJ Financial Group (8306.T) said it plans to announce a successor in the near future as soon as an appointment is made. Ohta joined The Sumitomo Bank, a predecessor of SMFG, in 1982 and rose to group CEO in April 2019. Ohta recently sought to expand SMFG's footprint in overseas markets through an alliance with U.S. investment bank Jefferies Financial Group (JEF.N).

Persons: Jun Ohta, Kim Kyung, Japan's, Toru Nakashima, Ohta, Mariko Katsumura, Rocky Swift, Kim Coghill, Christopher Cushing Organizations: Sumitomo Mitsui Financial Group Inc, REUTERS, Rights, Sumitomo Mitsui Financial Group, Mitsubishi UFJ Financial, Sumitomo Bank, Keidanren, Jefferies Financial, Thomson Locations: Tokyo, Japan, SMFG

☆ Japan firms to issue digital currency for clear energy transaction
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Edgar Su/File photo Acquire Licensing RightsOct 12 (Reuters) - A group of Japanese firms will issue a digital currency by July 2024 for the transaction and settlement of clean energy certificates, cryptocurrency exchange DeCurret said on Thursday. GMO Aozora Net Bank will issue the yen-based digital currency, called "DCJPY", which will then be used by telecommunication firm Internet Initiative Japan (IIJ) for settlement of clean energy certificates, DeCurret said. Transaction of DCJPY will be made using a network launched by DeCurret which, unlike stablecoin, is backed by bank deposits through block-chain technology, DeCurret added. DeCurret has been spearheading the launch of a digital currency by anchoring discussions at a consortium of Japanese firms keen to tap the technology. The consortium, which includes megabanks Mitsubishi UFJ Financial Group Inc (8306.T), Mizuho Financial Group Inc (8411.T) and Sumitomo Mitsui Financial Group Inc (8316.T), has been meeting regularly to study ways to build a common settlement infrastructure for digital payments.

Persons: Edgar Su, DeCurret, Leika Kihara, Krishna Chandra Organizations: REUTERS, Aozora, Internet Initiative Japan, Japan, Mitsubishi UFJ Financial, Inc, Mizuho Financial Group Inc, Sumitomo Mitsui Financial Group Inc, Thomson Locations: Tokyo, Japan

TOKYO, May 28 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) has recommended that shareholders of Toyota Motor Corp (7203.T) vote in favour of a resolution urging the automaker to improve disclosure of its lobbying related to climate change. ISS in a report also said it regarded three of Toyota's four outside board director nominees as not truly independent. Toyota's board said the fluidity of such disclosure made the proposal unsuitable for enshrining in the articles of incorporation. A spokesperson previously said few firms globally have made climate policy engagement-related disclosure to the extent of Toyota. "Toyota does not provide shareholders with enough information to evaluate its lobbying activities," ISS said.

☆ Adani trumpets stable ties to global banks in bid to ease investor worries, document shows
▼ + stars: | 2023-04-05 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

The document, which was reviewed by Reuters, did not elaborate on how the lenders reaffirmed their commitment to the Adani group. Adani group did not respond to a request for comment. Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T), Sumitomo Mitsui Financial Group Inc's (8316.T) SMBC unit, Mizuho Financial Group (8411.T), Standard Chartered (STAN.L) and Deutsche Bank (DBKGn.DE) did not immediately respond. CONCERNS ABOUT DEBTThe Hindenburg report had sparked concern among investors about banks' exposures to the Adani group. Now, 39% of Adani's debt is currently in the form of bonds, 29% is from global banks and 32% comes from public or private banks in India, the Adani document added.

☆ Mitsubishi UFJ to postpone AT1 bond issuance in Credit Suisse fallout
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 3 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T) will postpone the issuance of Additional Tier-1 (AT1) bonds to mid-May or later from late April, a spokesperson said on Monday, after the Swiss decision to wipe out Credit Suisse bonds rattled the market. Mitsubishi UFJ decided on the postponement taking into account investor appetite and market conditions, the spokesperson said. Sources have said Mitsubishi UFJ and Sumitomo Mitsui Financial Group Inc (8316.T), may put April issuance on hold amid the volatility. As part of the rescue of Credit Suisse (CSGN.S) by its rival UBS (UBSG.S), Swiss regulator FINMA determined that Credit Suisse's AT1 bonds with a notional value of 16 billion francs ($17.35 billion) would be wiped out, a decision that stunned global credit markets and angered many holders. Reporting by Ritsuko Shimizu and Makiko Yamazaki; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's VPBank completes $1.5 bln stake sale to Japan's Sumitomo Mitsui
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

HANOI, March 27 (Reuters) - Vietnam Prosperity Joint Stock Commercial Bank (VPB.HM) said on Monday it has sold a 15% stake for $1.5 billion to Sumitomo Mitsui Financial Group Inc (8316.T), expanding the Japanese bank's presence in one of Asia's fastest-growing economies. Following the investment, VPBank, whose business ranges across retail, corporate, consumer finance and wealth management operations, will become Vietnam's second-largest private lender by charter capital, with $5.96 billion. The deal comes as Vietnam's central bank seeks to tighten limits on holding stakes in banks, a move that may make the banking sector less attractive to foreigners. Sumitomo Mitsui, Japan's second-largest banking group is seeking to capture growth in Asian emerging markets through acquisitions, spurred by limited business opportunities at home with ultra-low interest rates and an ageing population. In late 2021, it acquired a 49% stake in Vietnamese consumer lender FE Credit from VPBank.

☆ Mitsubishi UFJ, Mizuho report strong Q3 results on solid loan demand
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Feb 2 (Reuters) - Mitsubishi UFJ Financial Group Inc (8306.T) and Mizuho Financial Group (8411.T) on Thursday reported strong third-quarter profits in their core businesses thanks to an economic rebound in Japan and solid loan demand abroad. Including the expected accounting gain, Mitsubishi UFJ's nine-month net profit totalled 1.14 trillion yen ($8.86 billion), already ahead of its full-year profit forecast of 1 trillion yen. Mizuho's third-quarter net profit more than doubled to 209.3 billion yen compared to the same period last year, when results at the country's No. 3 lender were weighed down by loan loss provisions for KKR & Co's (KKR.N) auto parts supplier Marelli Holdings Co.Japan's second-largest bank, Sumitomo Mitsui Financial Group Inc (8316.T), on Monday reported a 42.6% jump in third-quarter net profit. ($1 = 128.6100 yen)Reporting by Makiko Yamazaki; Editing by Christian Schmollinger and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Toshiba says aims to reach deal with potential partners soon as possible
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 16 (Reuters) - Japan's Toshiba Corp (6502.T), which is talks about a buyout, said in a letter to shareholders on Friday that it was aiming to reach as conclusion with potential partners as soon as possible. Toshiba is "planning to receive binding and bona-fide proposal(s) and shall be making strong efforts to arrive at a conclusion as early as possible after necessary negotiations," the letter said. Sources have told Reuters that the company's preferred bidder, Japan Industrial Partners (JIP), was moving closer to securing financing from banks for a buyout. A deal is expected to value the industrial conglomerate at around 2.2 trillion yen ($16 billion). Shares in Toshiba, whose businesses span nuclear power, defence technology and which owns 40% of memory chip maker Kioxia Holdings, were up 1.7% in mid-morning trade.

TOKYO/HONG KONG, Dec 8 (Reuters) - Japan Industrial Partners, the preferred bidder to buy out Toshiba Corp (6502.T), has moved closer to securing financing from banks, three people with knowledge of the matter said. JIP's bid has called for Toshiba management to retain their jobs - a proposal which initially made some of the banks cautious about lending, sources have said. The sources all declined to be identified as the talks are private. Sumitomo Mitsui Banking Corp, the core unit of Sumitomo Mitsui Financial Group Inc (8316.T), and Mizuho Bank Ltd, the core unit of Mizuho Financial Group Inc (8411.T) declined to comment. ($1 = 137.0500 yen)Reporting by Kane Wu, Makiko Yamazaki and Ritsuko Shimizu; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $620 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit BV (HC) for about 596 million euros ($621 million). The acquisitions will be made through main Mitsubishi UFJ banking arm MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. PPF, which had been looking at selling or taking on partners in some markets for the HC business, said in a statement it was the right time to pass the baton. A Mitsubishi UFJ executive said in a briefing that the lender would explore further acquisition opportunities in Southeast Asia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

☆ Japan's Mitsubishi UFJ to buy two Asia units of Home Credit for $596 mln
▼ + stars: | 2022-11-24 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Nov 24 (Reuters) - Japan's Mitsubishi UFJ Financial Group Inc (8306.T) said on Thursday it would buy the Philippines and Indonesian units of Dutch consumer finance company Home Credit Group BV for about 596 million euros ($621 million). The acquisitions will be made through Japanese unit MUFG Bank, Thai unit Bank of Ayudhya PCL (BAY) (BAY.BK), and Indonesian unit Adira Dinamika Multi Finance (ADMF), with the deal to be completed within 2023, the company said. Home Credit (HC) is controlled by the Czech Republic's biggest investment group, PPF, which was founded by late billionaire Petr Kellner. read moreAfter the completion of the deal, Bank of Ayudhya will hold 75% of the shares of HC Philippines and 75% of the shares of HC Indonesia. MUFG Bank will hold 25% of HC Philippines, and ADMF will hold 10% of HC Indonesia shares.

☆ Japan lender Sumitomo Mitsui reports 8% increase in Q2 net profit
▼ + stars: | 2022-11-14 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

TOKYO, Nov 14 (Reuters) - Sumitomo Mitsui Financial Group Inc (8316.T), Japan's second-largest bank, on Monday reported an 8% increase in second-quarter net profit and raised its profit outlook as improved economic conditions have boosted lending. Sumitomo Mitsui posted a profit of 272.99 billion yen ($1.96 billion) in the July-September period versus 252.8 billion yen a year earlier, according to Reuters' calculations based on six-month cumulative figures disclosed in a stock exchange filing. For the full year through March, Sumitomo Mitsui revised its profit forecast to 770 billion yen from 730 billion yen, compared with the 753 billion yen average estimate of 13 analysts compiled by Refinitiv. Sumitomo Mitsui said demand for loans remained solid in Japan and in the United States. The lender also said it would buy back up to 4.4% of its own shares, worth up to 200 billion yen.

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