SUMITOMO MITSUI TRUST HOLDINGS, INC. September 30, 2015
To whom it may concern
Sumitomo Mitsui Trust Holdings, Inc. (Securities Code: 8309 TSE, NSE) Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Trust Holdings, Inc. (President: Kunitaro Kitamura; hereinafter 'SuMi TRUST Holdings') and its subsidiary, Sumitomo Mitsui Trust Bank, Limited (President: Hitoshi Tsunekage; hereinafter 'SuMi TRUST Bank'), hereby announce that the Board of Directors of SuMi TRUST Holdings and SuMi TRUST Bank today resolved that Sumitomo Mitsui Trust Bank (Thai) Public Company Limited (hereinafter 'the Company'), which is currently under preparation for opening, will commence banking operations on October 28, 2015.
Purpose and background of this resolution
SuMi TRUST Holdings and SuMi TRUST Bank, as announced on May 16, 2014, in the press release entitled 'Approval to Establish a Bank Subsidiary in Thailand' and also announced in the press release dated June 12, 2014 entitled 'Notice regarding the Establishment of a Bank Subsidiary in Thailand', had obtained the approval from Thailand's Ministry of Finance to establish a bank subsidiary in Thailand. SuMi TRUST Holdings and SuMi TRUST Bank had established the Company on July 7, 2014, and had been in preparation for commencing banking operations in the fiscal year 2015.
The Company obtained a banking license from Ministry of Finance, Thailand on August 14, 2015. In light of these developments, the Board of Directors of SuMi TRUST Holdings and SuMi TRUST Bank have resolved that the Company shall commence banking operations on October 28, 2015, subject to regulatory approval from Financial Services Agency, Government of Japan.
SuMi TRUST Holdings and SuMi TRUST Bank have designated Asia, with its rapidly developing dynamic economy, as a strategically important region for us, where many of our Japanese corporate clients are establishing new strongholds and expanding their business operations. We aim to broaden its client coverage through a dual track expansion strategy of opening new branches and subsidiaries, and also forging partnership with prominent local partners. Going forward, banking business in Asia shall be covered by our four offices, which are SuMi TRUST Bank's Singapore Branch, Shanghai Branch, Hong Kong Branch, which opened in August 2013, and the newly inaugurated Sumitomo Mitsui Trust Bank (Thai) Public Company Limited.
Thailand is one of the largest manufacturing strongholds of Japanese companies in South-East Asia, and its importance as the center of Greater Mekong Sub-region is increasing year by year. Taking this opening of Sumitomo Mitsui Trust Bank (Thai) Public Company Limited as an opportunity, we shall endeavor to serve the broad needs of our Japanese corporate clients as well as local firms, by providing financial product and services expected of a leading trust bank to contribute to the success of our clients and development of the Thai economy.
Outline of Sumitomo Mitsui Trust Bank (Thai) Public Company Limited
(1) Name
Sumitomo Mitsui Trust Bank (Thai) Public Company Limited
(2) Location
32nd Floor, Sathorn Square Office Tower, 98 North Sathorn Road,
Silom, Bangrak, Bangkok, Thailand
(3) Representative
Manabu Inoue
(4) Date of Establishment
July 7, 2014
(5) Date of Commencement
October 28, 2015 (Planned)
(6) Capital
20 billion Thai baht (approx. 72.1 billion yen at 1 Thai baht = 3.605 yen)
(7) Shareholders
Sumitomo Mitsui Trust Bank, Limited: 99.9999%
Other: 0.0001%
(8) Main Business
Banking (Deposit taking, loan lending, internal remittances, foreign exchange, borrowing and lending of securities, sale and acquisition of financial claims, and other financial activities permitted by banking law
of Thailand)
(9) Number of Employees
Approx. 60 (planned at the start of operations)
(10) Financial Year End
December 31
Outlook
The commencement of banking operations in Thailand will have no effect on the earnings forecasts disclosed by SuMi TRUST Holdings and SuMi TRUST Bank for the fiscal year 2015.
End.
For further information, please contact:
IR Department, Sumitomo Mitsui Trust Holdings, Inc Telephone: +81-3-3286-8354
Facsimile: +81-3-3286-4654
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