Mitsui Sumitomo Financial (8316.JP) is adjusting its business structure in Hong Kong, closing its "Mitsui Sumitomo Trust Bank Hong Kong Branch" operations

AASTOCKS
2025.07.03 10:18

Multiple media outlets have reported that Japan's Sumitomo Mitsui Financial Group (8316.JP) is considering restructuring its operations in Hong Kong, planning to close its subsidiary "Sumitomo Mitsui Trust Bank Hong Kong Branch" (SMTB Hong Kong), and is reportedly awaiting approval from financial regulatory authorities. In response to rumors regarding operational changes at the Hong Kong branch, SMTB's public relations department stated that they would not comment. The bank has not issued an official statement on this matter.

Reports indicate that although there are rumors that the trust bank may cease operations, Sumitomo Mitsui Financial Group will still retain significant business operations in Hong Kong, including the "Sumitomo Mitsui Banking Corporation Hong Kong Branch" (SMBC Hong Kong). Additionally, the group holds nearly 20% equity in Bank of East Asia, maintaining its important strategic position in Hong Kong's financial market.

Some media have inquired about this matter with the Monetary Authority, but no response has been received yet.

Information shows that SMTB Hong Kong Branch opened in 2013 and is the first overseas branch established after the founding of Sumitomo Mitsui Trust Bank

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