Japan's SMBC to celebrate successful launch of India operations

In what is seen as an outcome of the positive response from Indian market, Japan's Sumitomo Mitsui Banking Corporation (SMBC) is going to have a launch party of its first and only retail banking branch, it started in alliance with Kotak Mahindra Bank in New Delhi on March 21, earlier this year.

Mr. Takeshi Kunibe, President and Chief Executive Officer, SMBC,  will also be present during the celebrations, to be held on May 2 in New Delhi, an official told this citizen journalist on the condition of anonymity, as he was not authorized to speak on the matter. 

During the commencement of its operations in India, SMBC in a statement had said that commercial banking in emerging markets, especially Asia, is one of its core strategic businesses, and SMBC has been proactively promoting a wide range of initiatives with an aim of achieving top quality in those businesses.
In the statement, the SMBC said, “We will meet the wide-ranging needs of our clients with the cooperation of Kotak Mahindra Bank, our business alliance partner in India. We also have a strategic equity stake in Kotak Mahindra Bank.”
The SMBC had observed that the Indian economy is expected to grow further in the coming years, and the opening of its New Delhi Branch will enable the bank to tailor its response to the financial needs of Japanese corporations and other clients in India, and enhance its capability to offer financial solutions for projects related to infrastructure development, a highly important issue in India.