Sumitomo Mitsui Banking Corp. formalized a plan Friday to establish a holding company that will oversee SMBC and three of its wholly owned subsidiaries.
Sumitomo Mitsui Financial Group Inc. will list its new shares on the Tokyo Stock Exchange on Dec. 1, one day before the the holding firm's official launch, SMBC said.
The holding company will oversee the giant bank and its three arms: Sumitomo Mitsui Card Co., SMBC Leasing Co. and Japan Research Institute Ltd.
To effect the creation of the holding company, the bank and the three arms will exchange their shares with those of Sumitomo Mitsui Financial Group Inc. The ratios of the planned share swaps have yet to be determined.
Prior to the share swaps, the stock of SMBC will be delisted from the TSE on Nov. 26.
Daiwa Securities SMBC Co., the bank's joint venture with the Daiwa Securities Group, and Daiwa SB Investments Ltd., another SMBC-Daiwa venture, will transfer the bank's equity stakes in them to the holding company, it said.
SMBC has a 40 percent stake in Daiwa Securities SMBC and a 44 percent stake in Daiwa SB Investments.
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