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Tag: Sumitomo Mitsui

Sumitomo Mitsui Launches App for Personal Loan to US Residents
BUSINESS

Sumitomo Mitsui Launches App for Personal Loan to US Residents

TOKYO, July 13, 2023 -- Sumitomo Mitsui Financial Group announced that it has begun providing personal loans to U.S. residents through Jenius Bank, a division of Manufacturers Bank. California based state-chartered bank is a wholly-owned subsidiary of SMBC Group. Jenius Bank creates an opportunity for SMBC Group to deepen and expand its U.S. business, providing scale and growth potential in the U.S. consumer banking market. Starting with a 270-strong workforce, the digital banking service targets some tens of billions of yen (hundreds of millions of dollars) in net profit within 10 years, said Daisuke Tanaka, an executive at the bank's corporate development group. By taking a different approach to conventional banking services, Jenius Bank will operate as a digital bank w...