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Topic: Sumitomo Mitsui Financial Group

	Sumitomo Mitsui Banking Corporation - Wikipedia, the free encyclopedia
		Sumitomo Mitsui Banking Corporation (SMBC, Mitsui Sumitomo Ginko, 三井住友銀行) is a Japanese bank based in Tokyo, Japan.
		It is a member of the Sumitomo Group and Mitsui Group.
		In April of 2001, Sakura Bank and Sumitomo Bank merged, forming Sumitomo Mitsui Banking Corporation.
	en.wikipedia.org /wiki/Sumitomo_Mitsui_Banking_Corporation (130 words)

	Sumitomo Mitsui Announces Bid for UFJ (phillyBurbs.com)
		Sumitomo Mitsui also said it would give troubled UFJ at least 500 billion yen (US$4.54 billion) in financial aid, countering a bid for UFJ by rival Mitsubishi Tokyo Financial Group.
		Sumitomo Mitsui and Mitsubishi Tokyo are two of Japan's biggest banks and a tie-up with either would help UFJ write off bad loans while forming the world's largest bank by assets, surpassing U.S.-based Citigroup Inc.'s US$1.19 trillion.
		Sumitomo Mitsui's attempt to wrest UFJ away has stirred an unusually pitched battle in Japan's conservative banking industry.
	www.phillyburbs.com /pb-dyn/news/24-08092004-344988.html (425 words)

	CNN.com - Sumitomo seen seeking capital boost - Feb. 3, 2003
		Sumitomo Mitsui Financial Group is mulling a move to raise 100 billion yen ($831 million) or more in new capital by issuing preferred stock, according to a report.
		Sumitomo Mitsui also said in January that it will issue 150 billion yen in preferred stock to U.S. investment bank Goldman Sachs Group.
		Sumitomo Mitsui shares ended the morning up 1.3 percent at 390,000, outpacing a 0.35 percent rise in the Nikkei average.
	cnn.com /2003/BUSINESS/asia/02/03/japan.smfg (250 words)

	USATODAY.com - Japan's Sumitomo tries to stop merger, woo rival bank (Site not responding. Last check: 2007-10-16)
		TOKYO (AP) — Japan's Sumitomo Mitsui Financial Group said Tuesday it proposed to UFJ Holdings that the two banks merge on an equal basis in its latest attempt to woo UFJ away from a rival suitor.
		Sumitomo Mitsui had earlier said it could give UFJ $4.5 billion.
		Sumitomo Trust, a unit of Sumitomo Mitsui, has sought an injunction against the UFJ-Mitsubishi Tokyo merger, citing an earlier agreement it had to buy UFJ's trust banking operations.
	www.usatoday.com /money/world/2004-08-24-japanese-banks_x.htm?POE=MONISVA (493 words)

	CNN.com - Sumitomo mulls Aozora Bank bid - Dec. 5, 2002
		Sumitomo Mitsui Financial Group says it is mulling a bid to buy a stake in Aozora Bank.
		Sumitomo Mitsui has now told the watchdog Financial Services Agency (FSA) it is considering buying it.
		Shares in Sumitomo Mitsui Financial Group, a holding company created on Monday to take over Sumitomo Mitsui's operations, closed down 3.33 percent at 406,000 yen as most banks sold off.
	cnn.com /2002/BUSINESS/asia/12/05/japan.aozora/index.html (355 words)

	Goldman to Buy $9.1 Billion in Sumitomo Loans
		Sumitomo Mitsui, like other large banking groups in Japan, is under pressure to meet the government's stiffer requirements for financial health.
		At the same time, the Sumitomo Mitsui Financial Group will set up a separate venture that will send turnaround experts to the businesses that have had their loans sold to the investment fund.
		Sumitomo Mitsui expects to earn 150 billion yen ($1.4 billion) in fiscal 2003, a reversal of the bank's 465 billion yen loss ($4.2 billion) last year.
	www.nytimes.com /2003/10/09/business/worldbusiness/09yen.html?ex=1381032000&en=ac44069ceae1ed1e&ei=5007&partner=USERLAND (954 words)

	Sumitomo Mitsui, Daiwa Hold Talks to Increase Cooperation - FinanceGates.com (Site not responding. Last check: 2007-10-16)
		Yoshifumi Niishikawa, Sumitomo Mitsui President, said there’s “no concrete truth” in the media reports but didn’t reject the opportunity of strengthening ties between the bank and the big brokerage firm.
		Since 1999 Sumitomo Mitsui and Daiwa have had a joint investment-banking business, Daiwa Securities SMBC which managed $11.6 billion in Japanese mergers and acquisitions last year.
		So the merger could mean that Sumitomo Mitsui would quit contention to acquire the country’s fourth largest bank UFJ Holdings Inc. for control of which it has been competing with No. 2 bank Mitsubishi Tokyo Financial Group Inc.
	www.financegates.com /Items/Sumitomo1202.html (342 words)

	Asia Times Online - The trusted news source for information on Japan
		This involves a challenge by Sumitomo Trust and Banking Co (loosely a member of the Sumitomo Mitsui FG), which had been negotiating with UFJ Holdings to buy UFJ's trust banking unit.
		UFJ's financial problems were made all the worse by troubles it ran into with the banking regulators themselves, the Financial Service Agency (FSA), a government body created in the late 1990s to oversee financial markets and policy.
		Daiei president Kunio Takagi is reportedly intent on visiting senior officials of the three creditor banks - UFJ Bank, Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank - within a few days to seek their understanding concerning the plan.
	www.atimes.com /atimes/Japan/FH26Dh02.html (1738 words)

	:: Xinhuanet - English ::
		Goldman is heading a group that wants to buy 58 per cent of Takefuji from founder Yasuo Takei, backed by loans arranged by Sumitomo Mitsui, Japan's third-largest bank, they said.
		Sumitomo Mitsui spokesman Takashi Morita said the lender has no plans to provide financing for a Takefuji bid.
		Sumitomo Mitsui agreed in June to buy a fifth of Promise for about 200 billion yen (US$1.82 billion) to help tap the consumer finance market.
	news.xinhuanet.com /english/2004-10/14/content_2088219.htm (527 words)

	Sumitomo Mitsui reports net loss in 2004 - Banking Business Review
		Sumitomo Mitsui Financial Group, the third largest bank in Japan, has recorded a net loss of Y234 billion for the 2004 financial year due to expenses related to dealing with bad loans.
		However, while its rivals have managed to control bad loan provisions to return to reasonable health in 2004, Sumitomo Mitsui was held back by a provisioning and write-off costs rise that was at a faster rate than expected in the financial year.
		For fiscal 2005, as the Japanese economy continues to improve and as a result of the rebalancing action taken in 2004, Sumitomo Mitsui predicts that it will deliver profits in the region of Y460 billion, which will be more in line with its major domestic rivals, Mizuho Financial Group and Mitsubishi Tokyo Financial Group.
	www.banking-business-review.com /article_news.asp?guid=35E71E4E-0828-4957-A669-8F1A2DD01BEF (262 words)

	[No title]
		Sumitomo Mitsui Financial Group, Inc. is a Japan-based financial service holding company.
		Sumitomo Mitsui Financial Group is comprised of 167 subsidiaries and 53 associated companies.
		Sumitomo Mitsui Financial Group, Inc.: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
	today.reuters.com /stocks/overview.aspx?ticker=8316.T (302 words)

	BBC NEWS \| Business \| Japan bank merger battle heats up
		Sumitomo's president, Yoshifumi Nishikawa, said the bank aimed to table a merger proposal later on Friday.
		Sumitomo argued that the proposed tie-up would breach an existing agreement it had with UFJ to buy its trust banking operations.
		Mitsubishi and UFJ had originally hoped that their merger, which would create a combined group with 188.7 trillion yen ($1.7 trillion ; £0.9 trillion), would be complete by the autumn.
	news.bbc.co.uk /2/hi/business/3938563.stm (254 words)

	MyUSTINET News: Sumitomo Mitsui Is Buying Shares In UFJ
		TOKYO - Sumitomo Mitsui Financial Group Inc. said Thursday it has acquired a small stake in struggling UFJ Holdings Inc., giving it more leverage for pursuing its unsolicited bid for the smaller bank which has already accepted a merger offer from a rival Japanese bank.
		Sumitomo Mitsui said Thursday it has acquired 300 shares in UFJ, and that will enable it to make counter proposals as a shareholder at UFJ's shareholders meeting expected next June, when UFJ and Mitsubishi Tokyo plan to seek shareholder approval for their merger proposal.
		Sumitomo Mitsui officials have repeatedly said their bid is a more attractive offer for UFJ shareholders.
	news.usti.net /newsstory/biz.top/2/wed/ai/Ayb58241210.RwOA_ES7.html (581 words)

	The New York Times > Business > World Business > Market Place: A Bank Takeover in Japan Breaks Tradition
		Sumitomo Mitsui Financial, led by Yoshifumi Nishikawa, has made a $29 billion bid for UFJ Holdings.
		Sumitomo Trust won a court injunction preventing UFJ from including its profitable money-management unit in the talks with Mitsubishi Tokyo; UFJ had previously agreed to sell the unit to Sumitomo Trust.
		Sumitomo Mitsui also offered on Tuesday to inject as much as 700 billion yen into UFJ to help it write off 4.62 trillion yen in bad loans, matching a similar offer from Mitsubishi Tokyo.
	www.nytimes.com /2004/08/25/business/worldbusiness/25place.html?ei=5090&en=ba23e7ef6620bcd0&ex=1251086400&adxnnl=1&partner=rssuserland&adxnnlx=1111009284-Rtx/gmdczcOouriSeWYuqw (978 words)

	Sumitomo Mitsui launches hostile bid of $29.2 billion for UFJ Holdings \| newratings.com (Site not responding. Last check: 2007-10-16)
		Japan's third largest banking company, Sumitomo Mitsui Financial Group (SMFG), said in a statement released today that it was seeking to merge with UFJ Holdings as equal partners.
		Sumitomo Mitsui Financial Group added that the company could offer up to $6.3 billion, matching the offer from Mitsubishi Tokyo Financial Group, to help UFJ Holdings improve its finances.
		Sumitomo Mitsui Financial Group's one-to-one merger offer is likely to expire on September 24 this year.
	www.newratings.com /new2/beta/article_459806.html (370 words)

	USATODAY.com - Japanese companies to create world's biggest bank (Site not responding. Last check: 2007-10-16)
		TOKYO (AP) — Two of Japan's largest banks, Mitsubishi Tokyo Financial Group and UFJ Holdings, agreed Thursday to a merger that would form the world's biggest bank, with assets of nearly $2 trillion.
		Financial terms were not disclosed, although Mitsubishi Tokyo previously had offered UFJ as much as $6.3 billion.
		Tamakoshi said he chose Mitsubishi Tokyo over Sumitomo Mitsui not solely because the money offer was greater but mainly because he had been in talks with Mitsubishi Tokyo first.
	www.usatoday.com /money/world/2004-08-12-japan-bank_x.htm (625 words)

	Rival stirs up monster Japan bank takeover / UFJ Holdings gets $29 billion Sumitomo bid
		Sumitomo Mitsui, Japan's third-largest bank, offered to exchange one share of its stock for each share of UFJ, a bid that values UFJ at about 3.2 trillion yen, or $29.14 billion, a 23 percent premium over UFJ's share price on Tuesday.
		UFJ said in a statement that it will examine the offer from Sumitomo Mitsui, although there was no change to its plan to combine with Mitsubishi Tokyo.
		Sumitomo Trust won a court injunction preventing UFJ from including its profitable money- management unit in the talks with Mitsubishi Tokyo; UFJ had previously agreed to sell the unit to Sumitomo Trust.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2004/08/25/BUG1J8DN4U1.DTL (704 words)

	Sumitomo Mitsui Financial Group, Inc. - Wikipedia, the free encyclopedia
		Sumitomo Mitsui Financial Group (三井住友フィナンシャルグループ) (SMFG) is a Japanese financial group, the third largest bank in Japan.
		Mitsui Asset Trust and Banking Company, Limited (Individually Operated Designated Money Trusts) (0.52%)
		This bank, insurance, or financial corporation article is a stub.
	www.wikipedia.org /wiki/Sumitomo_Mitsui_Financial_Group (292 words)

	BBC NEWS \| Business \| Japan's Sumitomo tables UFJ bid
		Sumitomo has offered one of its shares for every UFJ equity; a premium of 23% based on UFJ's Tuesday closing price.
		But the merger between MTFG and UFJ is facing legal action from Sumitomo Trust & Banking - a division of Sumitomo Mitsui.
		Sumitomo Trust wants to overturn a ruling which allows UFJ to include its trust bank unit in the merger with MTFG.
	news.bbc.co.uk /2/low/business/3593864.stm (319 words)

	Sumitomo Mitsui, Daiwa Securities deny merger reports; open to strengthening ties - update 2 \| newratings.com (Site not responding. Last check: 2007-10-16)
		LONDON, February 11 (newratings.com) — Sumitomo Mitsui Financial Group (XMF.FSE), Japan's third-largest bank, and Daiwa Securities Group Inc (DSE) Thursday denied reports of a possible merger between the two companies.
		Sumitomo Mitsui Financial Group’s share price appreciated 2.7% to ¥717,000, and Daiwa Securities’ share price added 5.3% to ¥740.
		Sumitumo Mitsui Financial’s President, Yoshifumi Nishikawa, said that a merger may be possible with Daiwa Securities because of the close working ties between the two companies, while adding there was nothing on the cards at the moment.
	www.newratings.com /analyst_news/article_689784.html (434 words)

	CNN.com - Sumitomo enters UFJ merger fray - Jul 30, 2004
		Shares in UFJ are surging Friday after Sumitomo Mitsui said it would look at a merger.
		A Tokyo court this week upheld a challenge from Sumitomo Mitsui against that plan, and ordered UFJ and MTFG to put their talks on hold.
		A merger between UFJ and Sumitomo Mitsui would create a group with total assets of 180 trillion yen.
	edition.cnn.com /2004/BUSINESS/07/29/japan.banks (425 words)

	UFJ mulls over Sumitomo merger proposal - News - www.theage.com.au
		Japanese banking group UFJ Holdings said yesterday it was considering a fresh merger proposal from rival Sumitomo Mitsui Financial Group that could create the world's biggest bank by assets.
		Under the proposal, Sumitomo said it was ready to inject more than ¥500 billion ($A6.34 billion) into UFJ, which is reeling under a mountain of non-performing loans.
		The court order followed a petition filed on July 16 by Sumitomo Trust and Banking - independent of Sumitomo Mitsui Financial Group - in defence of its own earlier accord with UFJ on their trust bank mergers.
	www.theage.com.au /articles/2004/08/09/1092022403852.html (380 words)

	FT.com / Lex - Lex: Japanese banks (Site not responding. Last check: 2007-10-16)
		Sumitomo Mitsui Financial Group has purged its accounts too, bringing bad loans down to 4.4 per cent of total lending.
		SMFG and Mitsubishi Tokyo Financial Group have both taken stakes in consumer finance companies but are slow to exploit these new customers.
		At around 1.5 times book value, Japanese banks are among the cheapest in Asia a fair rating for a sector that is off life support but has nowhere to go.
	news.ft.com /cms/s/1a4e7cba-3c71-11d9-bb7b-00000e2511c8.html (260 words)

	CNN.com - UFJ court win clouds bank merger - Aug 11, 2004
		The two groups aim to merge their holding companies and constituent banks on October 1, 2005.
		A Tokyo District Court in late July upheld a challenge from Sumitomo Mitsui against that plan, and ordered UFJ and MTFG to put their talks on hold.
		SMFG was 1.2 percent ahead to 645,000 yen and MTFG ended almost 7 percent higher to 1.02 million yen.
	edition.cnn.com /2004/BUSINESS/08/11/japan.ufj (488 words)

	Japanese banks vie for UFJ Holdings - International Business - MSNBC.com
		SMFG said on Tuesday it would offer one of its shares for every common share of UFJ, valuing UFJ at around 3.2 trillion yen ($29.13 billion) at current share prices, based on 5.09 million UFJ common shares outstanding.
		SMFG at that time offered more than 500 billion yen in capital and projected annual cost savings of 200 billion yen for the merged entity.
		The merger talks between MTFG and UFJ still face a possible hurdle as Sumitomo Trust and Banking plans to challenge in the supreme court a lower court’s ruling allowing on the inclusion of UFJ’s lucrative trust bank unit in the MTFG merger.
	www.msnbc.msn.com /id/5805923 (905 words)

	The Japan Times Online (Site not responding. Last check: 2007-10-16)
		Daiei's three big creditor banks -- UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp., a Sumitomo Mitsui group unit -- are collectively urging Daiei to turn to the IRCJ for assistance, a move that Daiei has staunchly resisted.
		Turning to SMFG's bid for a merger with UFJ, Nishikawa said the SMFG-UFJ combination would be stronger in terms of managerial efficiency and profitability than a banking group to be born after a merger of Mitsubishi Tokyo Financial Group Inc. and UFJ.
		SMFG made the offer even though UFJ signed a basic agreement with MTFG on Aug. 12 to integrate their banking, trust banking and brokerage operations under a holding company by Oct. 1, 2005.
	www.japantimes.co.jp /cgi-bin/getarticle.pl5?nb20040826a2.htm (555 words)

	Sumitomo's $29bn Bid Hots Up Fight
		Two weeks later Sumitomo, the second largest banking group in Japan, expressed its interest in merging with UFJ, breaking new ground in a nation where previous mergers in the industry have been directed by government or agreed in step with others in the sector.
		Sumitomo is also offering to inject $6.3bn in cash to accelerate UFJ's write-off of bad loans.
		According to reports, Sumitomo is hoping to tempt UFJ into a friendly deal but has not ruled out taking the bid hostile.
	www.buzzle.com /editorials/8-24-2004-58387.asp (538 words)

	Sumitomo Mitsui Tries to Woo UFJ (phillyBurbs.com)
		TOKYO - Japan's Sumitomo Mitsui Financial Group Inc. said Tuesday it proposed to UFJ Holdings Inc. that the two banks merge on an equal basis in its latest attempt to woo UFJ away from a rival suitor.
		UFJ has already reached a basic agreement to merge with Mitsubishi Tokyo Financial Group Inc. With combined assets of about $1.7 trillion, UFJ and Mitsubishi Tokyo would create the world's largest bank in terms of assets, surpassing U.S.-based Citigroup Inc.'s $1.19 trillion.
		The new offer would value each UFJ share the same as each Sumitomo Mitsui share, giving UFJ shareholders a 30 percent premium for their stock.
	www.phillyburbs.com /pb-dyn/news/24-08242004-353784.html (373 words)

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