Sumitomo Mitsui Financial Group Inc. and Sumitomo Corp. completed the restructuring of their joint venture Sumitomo Mitsui Finance & Leasing Co. Ltd.
As part of the restructuring, SMFL Capital Co. Ltd. merged into Sumitomo Mitsui Finance & Leasing, and its auto leasing business was spun off and integrated into SMAS Fleet Co. Ltd., according to a Jan. 4 release. Further, Sumitomo Mitsui Auto Service Co. Ltd. converted SMAS Fleet into a wholly owned subsidiary after acquiring all of the company's stock.
Meanwhile, Sumitomo Mitsui Finance & Leasing acquired a stake in Sumitomo Mitsui Auto Service, making it an equity method affiliate.
The changes took effect Jan. 1.
Sumitomo Mitsui Financial and Sumitomo completed part of the restructuring plan in November 2018 after they adjusted their respective ownership ratios in the joint venture to 50% each, from 60% and 40%, respectively.