Japan’s SMBC bookmarks $64m for social value activities

The group has also established an investment fund.

The group has also established an investment fund.

Japan’s Sumitomo Mitsui Financial Group (SMBC Group) has set aside JPY10b (approximately $64.28m) for activities that “create social value.”

It covers bank activities aimed at helping customers solve social issues, company-wide projects such as a university sports support program, corporate social responsibility (CSR) programs by employees, amongst others.

The budget is equal to 1% of the group’s net income target of JPY1.06t yen for FY2024.

Separately, SMBC Group has also established a “Social Value Creation Investment Fund” of JPY40b, rooted on an earlier fund that aimed to invest in areas that help customers decarbonise their businesses.

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The investment fields have been expanded to five issues: environment, DE&I/human rights, poverty & inequality, the declining birth rate and ageing population, and Japan’s regrowth.

“By utilizing this investment fund, we will not only co-create and develop businesses with our customers who wish to create of social values, but also support the development of new technologies and industries through risk-taking,” SMBC said in a press release on its website.

(US$1 = JPY155.57; as of 20 May 2024, 3:28 PM)

Sumitomo Mitsui Banking Corporation

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