EXCLUSIVE: Sumitomo Mitsui Financial Aiming for NYSE Listing

Tokyo, May 11 (Jiji Press)--Sumitomo Mitsui Financial Group Inc.
<8316> aims to be listed on the New York Stock Exchange in November at the
earliest, informed sources have told Jiji Press.
Sumitomo Mitsui Financial will be the last one to become a
NYSE-listed company among Japan's three megabank groups, which also include
Mitsubishi UFJ Financial Group Inc. <8306> and Mizuho Financial Group Inc.
<8411>.
Sumitomo Mitsui Financial hopes the stock listing will help raise
its profile in the international arena and improve its fund procurement
capabilities.
These would help the banking group expand its overseas operations
mainly by acquiring other financial institutions, such as U.S. regional
lenders.
Sumitomo Mitsui Financial will also start preparations to acquire a
U.S. financial holding company status, which would allow the group to engage
in a wider range of investment banking services in the nation.
The Japanese group acquired Nikko Cordial Securities Inc. from
Citigroup Inc. last year. It now aims to expand securities-related
operations, including underwriting services in the United States, as part of
efforts to strengthen the group's entire brokerage businesses.
Among Japanese financial institutions, Mitsubishi UFJ, Mizuho and
Norinchukin Bank hold the U.S. financial holding company status.
The Japanese megabanks are accelerating efforts to strengthen their
overseas businesses, including tie-ups with foreign financial groups,
because demand for funds remains weak in their home market.
Sumitomo Mitsui Financial has formed capital alliances with
Britain's Barclays PLC and Hong Kong's Bank of East Asia.
The Japanese group earns about 15 pct of its profit from its
overseas businesses. It hopes to lift the rate to 25-30 pct at an early
time, the sources said.