With a balance sheet over $2 trillion, Sumitomo Mitsui Banking Corp is one of the world’s biggest commercial lenders, usually ranking between 12 and 14 among the world’s largest banks, close to Citigroup and Wells Fargo.
It has ambitions to grow again outside its home market, targeting Asia, particularly Indonesia, the Philippines, Vietnam and India, as well as the US.
In March, it paid $384 million for 4.9% of Ares, a large non-bank lender that finances mid-sized US companies.
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