Sumitomo Mitsui to fight HSBC
BEIJING, June 27 — Sumitomo Mitsui Financial Group Inc., Japan’s third-largest bank, aims to expand lending to overseas companies in China this year, challenging
HSBC Holdings Plc. and Citigroup Inc. in the world’s fastest-growing major economy. Sumitomo Mitsui wanted half its loan growth in China to come from non-Japanese clients in the year to March 31, from 40 percent last year when it boosted lending in that country by 71 percent, said Yuichi Hirano, senior vice president of international banking.
US-based Household - HSBC Watch said the challenge might come down to who has the best reputation - a problem for HSBC now that they own disgraced predatory lender Household International. “Problems continue to surface in the Household (HSBC Finance Corporation) sector” said the group.
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