According to IFC website, the project is a three-year, unfunded risk sharing facility whereby Sumitomo Mitsui Banking Corporation and IFC would share the risk, on an up to 50-50% basis, in a portfolio of up to US$450 million of senior loans that SMBC provides to banks in the Europe and Central Asia region.
The project is expected to provide financing to key financial intermediaries in the ECA region. Indirectly, this increased capacity will also improve the availability of credit to local producers and importers along the value chain and in a wide variety of sectors. IFC's support is much needed in the region to help financial intermediaries build capacity for their funding needs.
SMBC was established in April 2001 by the merger of two leading Japanese banks: The Sumitomo Bank and the Sakura Bank. The Sumitomo Bank was a major Japanese bank founded in 1895; the Sakura Bank was a descendant of Mitsui Bank, another major Japanese bank founded in 1876. SMBC is a wholly owned subsidiary of the holding company, Sumitomo Mitsui Financial Group, a financial conglomerate including other financial services such as leasing, securities, credit card, mortgage and venture capital. SMBC is one of the largest commercial banks in Japan with an extensive network and growing international presence, and is one of the key partners for IFC. The Bank has offices in over 38 countries and regions in the Americas, Europe, Middle East, Africa, Asia, and Oceania.
SMBC is one of the largest commercial banks in Japan with an extensive network and growing international presence, and is one of the key partners for IFC. The Bank has offices in over 38 countries and regions in the Americas, Europe, Middle East, Africa, Asia, and Oceania.
As of September 30, 2016, the Bank had total assets of US$1,469 billion, of which total loans constituted 48% or US$703 billion. Total deposits equaled US$979 billion and total stockholders’ equity equaled US$66 billion at the end of the period. The Bank has a relatively strong liquidity position and good credit quality. SMBC is rated “A” by Fitch, “A” by Standard & Poor’s, and “A1” by Moody’s.
Sumitomo Mitsui Banking Corporation Europe Limited
Telephone No.: +44 (0) 20 7786 1000
Office Address: 99 Queen Victoria St, London EC4V 4EH, United Kingdom
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