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Sumitomo Mitsui Financial eyes expansion in Indonesia

Japan's Sumitomo Mitsui Financial Group Inc. is looking to offer securities, credit card and consumer finance services in Indonesia as part of its plan to create a financial conglomerate in the country, Bloomberg News reported Dec. 5, citing Jun Ohta, the lender's president.

The group is targeting fast-growing Asian markets as its second home through offering banking services to both retail and corporate clients as low interest rates and weak business prospects continue in Japan.

Further, Ohta said the group is looking at the Philippines, Vietnam and India to expand its footprint.