Japan's best bank for SMEs 2022: SMBC
Small and medium-sized enterprises in Japan still face a tough business environment: even though the effects of the pandemic have eased somewhat, supply-side limitations, such as a rise in raw material costs and fuel hikes, have added to the pressure.
Sumitomo Mitsui Banking Corp, which is the core unit of Japan’s second-largest megabank, Sumitomo Mitsui Financial Group, led the way on SME support.
Under the leadership of Makoto Takashima, president and chief executive, SMBC has made it its mission to deliver high-quality solutions to its customers, including SMEs, which account for 99.7% of all companies in the country.
During the year to the end of March 2022, SMBC’s loan balance to mid-sized corporates and SMEs jumped over 3% to ¥19.6 billion ($143 million). The lender’s close hold on the sector was clearly reflected in the January to March 2022 quarter, when the average loan balance for SMEs and mid-sized companies surpassed that of large corporates, according to SMBC’s earnings reports.