Sumitomo Mitsui to create securities business in Indonesia

Great Mosque Istiqlal, Jakarta, Indonesia. Photo by Rezky Ramadhani on Unsplash

Sumitomo Mitsui Financial Group Inc. wants to add securities, credit card and consumer finance operations to its existing commercial banking presence in Indonesia, the lender’s President Jun Ohta said.

The new services are part of plans to create a “financial conglomerate” in the Southeast Asian country, Ohta said Thursday in an interview on Bloomberg Television. Sumitomo Mitsui owns Jakarta-based PT Bank BTPN, which it bought in 2013.

Plagued by low interest rates and weak business prospects in Japan, Japan’s second-largest bank is hoping to make fast-growing Asian markets its second home by offering banking services to both retail and corporate clients. Sumitomo Mitsui has also been expanding in mature economies through acquisitions in leasing and buyout financing.

Overseas countries provide the “engine for growth” for Sumitomo Mitsui, since it’s hard to boost top-line revenues in Japan, according to Ohta. The bank has a two-pronged strategy of buying assets in developed countries that improve its return on equity, and adding platforms for the wider business in emerging markets such as Indonesia.

Ohta named the Philippines, Vietnam and India as other developing markets where the bank may expand.

Bloomberg

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.