KUALA LUMPUR, Jan 4 (Bernama) -- Sumitomo Mitsui Banking Corporation Malaysia Berhad (“SMBCMY”, President and CEO: Yoshimi Gunji, Headquarter: Kuala Lumpur), a wholly-owned subsidiary of Sumitomo Mitsui Banking Corporation (“SMBC”, President and CEO: Takeshi Kunibe, Headquarter: Tokyo), is pleased to announce that SMBCMY has been assigned a rating of AA1/Stable/P1 by RAM Rating Services Berhad (“RAM Ratings”).

RAM Ratings plays a leading role in providing crucial and independent credit opinions that are needed by investors and other market participants, with a view to being more confident about their investment and financial decisions.

The Financial Institution Rating (“FIR”) of AA1/Stable/P1 was assigned to SMBCMY based on the strong credit profile of its parent company, SMBC, which is linked to the larger financial group of Sumitomo Mitsui Financial Group, Inc. (“SMFG”). SMBC displays a track record of solid financial support for SMBCMY, especially in the provision of large amounts of intra-group deposits. SMBC had also recently made a capital injection into SMBCMY that has increased its paid up capital to RM1.575 billion, catapulting SMBCMY to become the foreign bank with the highest paid up capital in Malaysia.

SMBCMY’s rating also takes into account its close operational ties with SMBC and its strategic role in leading SMFG’s growth in Asia by facilitating the expansion of Japanese, Asian and Western corporations in the Asia Pacific region.

President and Chief Executive Officer of SMBCMY, Mr Yoshimi Gunji says, “I am pleased that SMBCMY has been assigned an AA1/Stable/P1 rating by RAM Ratings. This rating underscores our strengths and reputation as a credible wholesale bank.

“SMBCMY is committed to build a long term relationship in Malaysia and we’re well positioned to serve our customers, as what this rating has indicated,” says Gunji.

An FIR is RAM Ratings’ current opinion on the overall capacity of a financial institution to meet its financial obligations. A financial institution with a long term AA rating has a strong capacity to meet its financial obligations. The financial institution is resilient against adverse changes in circumstance, economic conditions and/or operating environments. 

Meanwhile, a financial institution rated a short term P1 rating has a strong capacity to meet its short-term financial obligations. P1 is the highest short-term rating assigned by RAM Ratings.

About Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation (“SMBC”) was established in April 2001 through the merger of two leading banks of The Sakura Bank, Ltd and The Sumitomo Bank, Ltd. Sumitomo Mitsui Financial Group, Inc. (“SMFG”) was established in December 2002 as a bank holding company through share
transfer, and SMBC became a wholly owned subsidiary of SMFG. 

SMBC’s competitive advantages include its solid and extensive client base, the expeditious implementation of strategies, and also the service providing capability of its predominant Group of companies. SMBC, as a core member of SMFG, integrally work with other companies in the Group to provide highly sophisticated and comprehensive financial services to clients.

Sumitomo Mitsui Banking Corporation is the second largest bank in Japan by gross profit.

About Sumitomo Mitsui Banking Corporation Malaysia Berhad

Sumitomo Mitsui Banking Corporation Malaysia Berhad (“the Bank”) (Company No: 926374-U) is a public limited company, incorporated and domiciled in Malaysia. It received its full banking license from Bank Negara Malaysia in 2010 and commenced its business in April 2011. The Bank is principally engaged in wholesale banking and related financial services.

The immediate and ultimate holding companies of the Bank are Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Financial Group, Inc. respectively. Both companies are incorporated in Japan.

SOURCE :  Sumitomo Mitsui Banking Corporation Malaysia Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name : Julie Lim
Planning Department
Sumitomo Mitsui Banking Corporation Malaysia Berhad
Tel : +603-2176 1410
Mobile : +6016-370 5300
Fax : +603-2165 1599
Email : julie_lim@my.smbc.co.jp

--BERNAMA