Sumitomo Mitsui Financial to merge 3 consumer finance units

Sumitomo Mitsui Financial Group Inc. said it will merge the operations of its three consumer financial units — Sumitomo Mitsui Card Co. Ltd., SMBC Finance Service Co. Ltd. and SMBC Mobit Co. Ltd.

The merger is expected to be completed by April 2024, with Sumitomo Mitsui Card as the surviving entity, according to a June 8 release.