SMBC to launch Yumeshima development team

The Sumitomo Mitsui Banking Corporation (SMBC) has revealed that it will be launching a special “Osaka-Kansai Project Team” to focus on the development of the prospective IR and 2025 World Expo at Yumeshima, as well as some other projects in the region.

“As a bank with its origins in the Kansai, we want to contribute to the Kansai’s development,” one senior executive told the Nihon Keizai Shinbun.

Initially, the team is expected to have 24 members from a wide variety of the company’s divisions. The launch date is April 2020.

Aside from financing and research, the project team will engage in business matching, pairing up local firms in a manner that serves mutual interests.

As of 2018, SMBC was ranked as Japan’s No. 2 megabank by capital, and the No. 14 bank globally.