JSMedia – The Sumitomo Mitsui Bank of Canada is a financial institution in Canada. The bank is a member of the Tokyo-based Sumitomo Group, which is one of the world’s 25 largest banks by assets. With more than 3,000 employees, its Americas Division oversees its operations throughout the Americas. In addition, the bank provides sophisticated financial services around the world, including mortgage securitization and foreign exchange transactions.
The Canadian branch of SMFG is the only branch outside of Japan. The Japanese company’s branches are located throughout the country. The bank was established in 1982 as Mitsui Bank of Canada. Since then, it has expanded its operations into auto leasing. In May 2009, it acquired Nikko Cordial from Citigroup. It also acquired a controlling stake in a Japanese financial company, Japan’s NTT DoCoMo.
In 2006, Sumitomo Mitsui’s presence in Canada expanded to other markets. The company’s holding company, SMFG, was formed in December 2002. The company was acquired by the Wakashio Bank, Inc., in a reverse merger in March 2003. In March 2015, SMFG acquired the shares of the Bank of East Asia. Now, SMBC acts as the core subsidiary of the SMBC group.
Sumitomo Mitsui Banking Corporation of Canada Mortgage
SMBC Canada is a member of the Canadian Bankers Association, but it is not a deposit-taking bank. As a member of the CBA, SMBC Canada offers its clients a wide range of financial products and services. It also provides corporate and investment banking services across Canada. Besides offering mortgages, SMBC Nikko Securities Inc. manages various asset classes, including investments, debt financing, trading, and merger and acquisition advisory.
Founded in 1970, SMFG Canada was formerly known as MBNA. Its operations were initially dominated by Canadians. Initially, it operated as a trust company, but later became a Schedule I chartered bank in 2002. In the same year, SMBC acquired the Exchange Bank of China (Canada), a subsidiary of Currency Exchange International Corp. This bank provides foreign currency services to businesses and financial institutions.
SMBC Canada has been around for more than a century and is now present in over 100 countries. It has been in business for over 100 years and has a market cap of $48 billion. Its Canadian operations include a large number of credit unions, which are a key component of the Canadian banking sector. Among the top three Canadian banks is the National Bank of Canada.
The Bank of East Asia has been operating in Canada since 1871. The First Canadian bank was the Home District Savings Bank of Toronto, which merged with the Halifax Banking Company in 1837. The Home District Savings Banco of Toronto was a popular alternative to the Family Compact. In the aftermath of the 1837 Rebellion, the HSBC Canada merged with Lloyds in 1989.