SMFG Appoints Toru Nakashima as New CEO

Nakashima to Lead Japan's Second-Biggest Lender Amid Global Expansion Efforts

Toru Nakashima, Deputy President and Executive Officer of Sumitomo Mitsui Financial Group (SMFG), has been appointed as the group's CEO following the death of Jun Ohta.
Nakashima's appointment will take effect on Friday, making him the head of Japan's second-biggest lender.
Nakashima, who joined the bank in 1986, had been Ohta's deputy since April and is also the co-head of the wholesale business of SMFG's main banking arm.
SMFG has been seeking to bolster its global presence through a series of deals in Asia, including a $2 billion acquisition of an Indian non-bank lender and an investment in Vietnam's biggest non-bank lender.
Nakashima plans to continue this expansion, seeing potential for growth in investment banking in the United States and Europe, and aims to establish a strong franchise in countries where SMFG has built footholds, such as India, Indonesia, Vietnam, and the Philippines.