Japan’s second-largest lender, Sumitomo Mitsui Financial Group, has entered the US consumer banking market with a new digital banking service. The digital banking arm has been established under Manufacturers Bank, a California state-chartered wholly owned by Sumitomo Mitsui for offering personal loans. With a starting team of 270, the digital banking venture targets a net profit of tens of billions of yen within a decade, says Daisuke Tanaka, an executive of the bank’s corporate development group. Further offerings, including a savings product, will be available in the upcoming months.

Source: https://www.reuters.com