Sumitomo Mitsui Financial Group Inc. plans to increase income from individuals by ¥100 billion within three years by selling a wider array of financial products.
"Sales of personal pensions and investment trusts will continue to be growth areas," Osamu Endo, deputy president of Tokyo-based Sumitomo Mitsui's main banking unit, said in an interview Monday. "Those and sales of insurance, which will be fully deregulated in December, will be our three main strategic products."
Sumitomo Mitsui, whose profit slumped 59 percent in the latest quarter, wants to team up with retailers to add customers, Endo said. The bank's stock has fallen 32 percent this year, stung by credit losses and writedowns.
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