SMBC completes first step towards UK Universal Bank entity

Sumitomo Mitsui Financial Group, Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities announced that SMBC Bank International (“SMBC BI”), a commercial banking subsidiary in London, has successfully completed the transfer of the securities business from SMBC Nikko Capital Markets Limited (“CM”), effective as of October 7, 2024.

CM will remain a booking entity for derivatives transactions. As part of the transfer, CM’ branch in the Abu Dhabi Global Market (“ADGM”) financial centre has ceased marketing and once local legal obligations have been met, the branch will close. SMBC BI has established a new ADGM branch to support Middle Eastern clients previously managed by CM.

With the completion of this transfer, SMBC BI has officially commenced operations as a universal bank, enabling SMBC Group to better serve clients by offering banking and securities products through a single entity providing a full range of financial services.

This integration allows SMBC Group to meet a wider variety of client needs and deliver higher value-added solutions to clients in EMEA.

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