Japan’s SMFG says to list shares on NYSE on Nov 1

TOKYO, Oct 21 (BestGrowthStock) – Japan’s No. 3 bank Sumitomo Mitsui
Financial Group (8316.T: ) said on Thursday it plans to list its
shares on the New York Stock Exchange through American Depositary
Receipts (ADRs) on Nov. 1, joining rivals as it steps up overseas
expansion.

The bank said it would not issue any new shares with the
listing.

Sector leader Mitsubishi UFJ Financial Group (8306.T: ) (MTU.N: )
and Mizuho Financial Group (8411.T: ) (MFG.N: ), Japan’s
second-largest bank by assets, already have ADRs traded on the
NYSE.

Faced with weak growth prospects at home, Japan’s top lenders
are moving to expand their overeas operations, including via
acquisitions of local financial institutions, which would be
facilitated by meeting the regulatory demands of a U.S. listing.
(Reporting by Taiga Uranaka; Editing by Edmund Klamann)

Japan’s SMFG says to list shares on NYSE on Nov 1