Sumitomo Mitsui Financial Group (SMFG) aims to expand its business in Asia and is looking at the Philippines, India and Myanmar for possible future investment, the CEO of Japan’s second-largest bank by assets said.
SMFG, like other Japanese lenders, has been stepping up overseas investments in the past few years as it continues to face razor-thin margins at home amid an ageing population and massive central bank stimulus. Now, signs of another economic downturn are threatening to weigh on banks in the country.
