SMBC Consumer Finance to become a subsidiary of Sumitomo Mitsui Card
Sumitomo Mitsui Financial Group has decided to reorganize SMBC Consumer Finance as a wholly-owned subsidiary of Sumitomo Mitsui Card…
Sumitomo Mitsui Financial Group has decided to reorganize SMBC Consumer Finance as a wholly-owned subsidiary of Sumitomo Mitsui Card Company.
The reorganization is scheduled to be implemented in the second half of fiscal year 2024, subject to applicable laws and regulations, and on the condition that any necessary procedures required by laws and regulations are completed.
Background and Purpose of the Reorganization
In recent years, the personal finance market has seen a succession of new entrants from other industries, such as platformers and major mobile carriers. These companies are leveraging their extensive customer base and the advantages of digital services through smartphones to significantly expand their businesses. Additionally, the emergence of these digital players is blurring the lines between the traditional segments of the personal finance market, which were previously divided into specialized consumer finance, bank card loans, credit card cashing/revolving payments, and sales finance.
In April 2021, the SMBC Group’s Retail Business Unit established the Payment & Finance Division to strengthen group-wide integrated operations led by Sumitomo Mitsui Card and build a service provision system that transcends conventional boundaries. As part of this initiative, we will further strengthen the integrated operations of SMBCCF, a major specialized consumer finance company, and Sumitomo Mitsui Card, which has strengths in product development and marketing, including the Olive brand. By working together to improve services, the two companies will better meet the growing demand for digital services among customers in the specialized consumer finance sector.
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