Sumitomo Mitsui Banking Corpn sets up new branch in Chennai

Chennai, Nov 18 (PTI): Japan's Sumitomo Mitsui Banking Corporation (SMBC) on Wednesday said it was setting up a new branch office here after setting up offices in New Delhi and Mumbai. The new branch would assist the bank grow its customer base in the southern region.

Customers would be able to leverage SMBC's global network to do business in a variety of sectors and locations. Along with Mumbai and Delhi, the office in Chennai would help SMBC create an important confluence of services and client engagement.

The new branch would serve a growing number of Indian and foreign companies operating in Tamil Nadu and neighbouring regions, a press release said here. SMBC maintains an alliance with Kotak Mahindra Bank since the acquisition of a minority stake in 2010 and with Northern Arc Capital from which SMBC acquired 5.4 per cent equity in December 2019, the release said.

SMBC said it was also infusing capital of USD 600 million into operations in India, the release said. "These are extraordinary times indeed, and the capital infusion will help us to meet the increased requirements of our customers. This capital base creates the runway for SMBC India to serve its customers' growing requirements," SMBC New Delhi branch general manager and country head Toshitake Funaki said.

"We believe this investment besides enhancing our financial services in India will also further contribute to deepen the trade and economic relationship between India and Japan," he added..

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