Business Services Industry
Japanese mega-bank to repay public funds by fiscal 2007.
Knight Ridder/Tribune Business News, November, 2004
The Yomiuri Shimbun Knight Ridder/Tribune Business News
Nov. 20--TOKYO -- Sumitomo Mitsui Financial Group Inc. has decided to repay all remaining public funds--totaling 1.1 trillion yen--injected by the government by the end of fiscal 2007, sources close to the banking group said.
This is the first time that one of the nation's three largest banking groups still being injected with public funds has expressed a target time frame for repaying public funds.
Among the nation's four mega-banking groups, Mitsubishi Tokyo Financial Group Inc. has already repaid the relatively small amount of public funds it received.
The sources said SMFG would reveal the decision when it announced its fiscal 2004 midterm results Monday.
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