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Sumitomo Mitsui Banking eyes expansion in Australia's superannuation sector

Sumitomo Mitsui Banking Corp. plans to expand its presence in Australia's superannuation sector as it looks gain a greater share of the A$2 trillion industry, The Nikkei reported Aug. 8, citing the bank's deputy president, Yasuyuki Kawasaki.

The Japanese bank aims to partner with other units of Sumitomo Mitsui Financial Group Inc. to offer investment products and services to asset management companies, Kawasaki said.

By partnering with units such as SMBC Nikko Securities Inc., the bank will offer various financial products, including securitized aircraft and rail car leases, he added.

In addition to pensions, Sumitomo Mitsui Banking is also seeking business opportunities around agriculture and foodstuffs in Australia, the deputy president said.

As of Aug. 7, US$1 was equivalent to A$1.26.