2ND LD: Sumitomo Mitsui Banking launches holding firm.

Japan Weekly Monitor, December, 2002

TOKYO, Dec. 2 Kyodo

(EDS: UPDATING WITH ADDITIONAL INFO)

Sumitomo Mitsui Banking Corp. launched a holding company, Sumitomo Mitsui Financial Group Inc., on Monday.

Capitalized at 1 trillion yen, the holding company is based in Sumitomo Mitsui Banking's headquarters in Tokyo's Chiyoda Ward.

Sumitomo Mitsui Banking said it has adopted the holding-company structure to bolster its group's overall operations and increase business efficiency.

While Sumitomo Mitsui Banking is currently the sole subsidiary of Sumitomo Mitsui Financial Group, the bank's three arms -- Sumitomo Mitsui Card Co., SMBC Leasing Co. and the Japan Research Institute -- will put themselves under the holding company Feb. 1, 2003.

With the move by...