The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Fullerton deal would be a landmark for SMBC – and Japan

No Japanese bank has had a shot at Indian retail before now. Could this be the first of several attempts?


Sumitomo Mitsui Financial Group is to buy a 74.9% stake in the Indian credit firm Fullerton India Credit, a holding of the Temasek sovereign wealth vehicle in Singapore, for about ¥220 billion ($2 billion) in a deal that is not only a first for the Japanese group but all of Japan.

The bank, which at a group level is usually known as SMBC (for Sumitomo Mitsui Banking Corporation, a subsidiary of SMFG), has been in an acquisitive frame of mind all year.

In April, it said it would buy a 49% stake in FE Credit, a consumer lender in Vietnam; then on June 28 confirmed the acquisition of a 4.99% stake in Rizal Commercial Banking Corporation (RCBC) in the Philippines.

The key for growth for us is outside of Japan
Jun Ohta, SMBC

Between those two it also made strategic investments in the Swiss and Singaporean trade finance fintech KomGo and in the blockchain trade platform developer Contour.

It had previously taken control of Indonesia’s PT Bank Tabungan Pensiunan Nasional in 2019.

But the India deal is something different. No Japanese lender has ever taken on Indian retail before.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree