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Sumitomo Mitsui Banking to merge 4 units to cut costs

Sumitomo Mitsui Banking Corp. will combine four wholly owned units handling back-office operations in a bid to cut costs, The Nikkei reported March 22.

The new company will be named SMBC Delivery Service Co. Ltd. and the change will take effect April 1, the publication noted.

Sumitomo Mitsui Banking, a unit of Sumitomo Mitsui Financial Group Inc., also plans to invest in office automation to improve work efficiency, among other things.