Original disclosure @ IFC website
Updated in EWS Nov 9, 2021
Disclosed by Bank Sep 17, 2021
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The Project is a three-year, unfunded risk sharing facility (the “Facility”) whereby Sumitomo Mitsui Banking Corporation and its affiliates (SMBC Group) and IFC would share the risk, on an up to 50-50% basis, in a portfolio of up to US$550 million of senior trade loans that SMBC Group provides to banks in the Europe and Central Asia (ECA) region. The proposed project is a renewal of prior SMBC ECA RSF projects.
This project was rated by IFC as having a risk category of F1-2.
The proposed project is expected to provide financing to key financial intermediaries in the ECA region, particularly Turkey in the face of economic, trade, and supply chain disruptions caused by COVID-19. Indirectly, this increased capacity will also improve the availability of credit to local importers and exporters along key value chains and in a wide variety of sectors.
SMBC Group was established in April 2001 by the merger of two leading Japanese banks: The Sumitomo Bank and the Sakura Bank. SMBC Group is a wholly owned subsidiary of the holding company, Sumitomo Mitsui Financial Group (SMFG), a financial conglomerate including other financial services such as leasing, securities, credit card, mortgage and venture capital.
SMBC Group 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. As of March 31, 2021, SMBC Group had over 850 branches/offices in Japan, and 148 overseas branches/offices in the US, Europe, Latin America, Africa, the Middle East and Asia (ex. Japan).
As of March 31, 2021, SMBC (excluding group companies) had total assets of USD 2,191bn, total deposits stood at USD 1,283bn and total equity at USD 86bn. SMBC Group is rated “A” by Fitch, “A-” by Standard & Poor’s, and “A1” by Moody’s.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Sumitomo Mitsui Banking Corporation||Undisclosed||-|
99 Queen Victoria St, London EC4V 4EH, United Kingdom
+44 (0) 20 7786 1000
**Project lead information was not provided at the time of disclosure.**
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