Japanese lender Sumitomo Mitsui Banking Corporation has announced its first Global Capability Center in India. The centre is called SMBC Global Services Private Limited and is located in Porur in Chennai. It is expected to begin operations by the end of this month.
This move is an important step in the bank’s long term strategy in India. It shows the growing importance of the country as a centre for global innovation and business operations.
The bank said that the Chennai centre will make use of India’s large pool of skilled information technology and financial professionals. These teams will support a wide range of the bank’s global businesses.
SMBC stated that “India, as an engine of global growth, possesses structural strengths across multiple dimensions, including demographics, digitalisation, infrastructure development, and industrial diversification.” The bank also said that “as part of our multi franchise strategy, SMBC Group has continued to invest in the Indian market, including taking equity stakes in leading local companies.”
The announcement followed a meeting between TRB Rajaa, Minister for Industries, Investment Promotion, and Commerce, Government of Tamil Nadu, and Rajeev Kannan, Managing Executive Officer and Head of India Division at SMBC, along with Neeraj Sinha, Co Chief Executive Officer of SMBC’s India Centre.
The meeting focused on SMBC’s plans to expand and grow in Tamil Nadu. This supports the state’s position as a leading location for global capability centers and financial service innovation.
According to a post by the state investment promotion agency, Chennai is a perfect base for SMBC’s expansion in India. The post said the city has deep talent, strong infrastructure and a supportive business environment.
This development comes soon after SMBC opened its Bengaluru branch earlier this month. The bank now has five branches in India which include New Delhi, Mumbai, Chennai, GIFT City and Bengaluru. This strengthens its presence across the country.
SMBC Global Services Private Limited will focus on technology enablement, operations support and financial innovation. It will help the bank bring more digital strength and operational support to its worldwide network.
SMBC joins many other global financial institutions that are expanding their capability centres in India. This includes HSBC, JPMorgan Chase, Citi and MUFG. These companies aim to drive technology transformation, compliance and digital innovation through India.
India continues to grow as a major global destination for financial services capability centres. The country offers skilled talent, cost benefits and strong innovation potential.
Sumitomo Mitsui Banking Corporation is part of the SMBC Group and is one of Japan’s top financial institutions. It provides banking and financial services to corporate, institutional and individual clients worldwide with a focus on sustainable growth and innovation.
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