SMFG aims to double sales and trading revenue to $5 billion, markets head says
Sumitomo Mitsui Financial Group (SMFG) aims to double its sales and trading revenue to $5 billion in the coming years. The bank's head of global markets, Arihiro Nagata, highlighted rising interest rates and increased demand for trading products as key factors driving this goal. SMFG is restructuring its trading business to enhance integration and is also exploring opportunities with its U.S. partner, Jefferies.
- ▪SMFG is targeting to increase its sales and trading revenue from 400 billion yen to 800 billion yen.
- ▪The demand for trading products is rising due to increasing interest rates and record stock prices in Japan.
- ▪Foreign investors now account for 70 percent of yen interest rate swap flow, a shift from the previous dominance of domestic investors.
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