Sumitomo Mitsui Financial Group is targeting profits to increase by about a third as it seeks growth without large acquisitions, a shift from its appetite for deals that had driven billion-dollar transactions in recent years.
Japan¡¯s second-largest lender is aiming for ?2 trillion ($12.5 billion) in profit and a 13% return on tangible equity in three years, CEO Toru Nakashima said in an interview. To achieve that, the banking giant that has snapped up targets from India to Vietnam is looking to build on areas such as sales and trading through its tie-up with Jefferies Financial Group and transaction banking.
¡°Inorganic growth is not high on our mind for the next three years,¡± Nakashima said. ¡°We are in an environment where we can make solid growth organically.¡±
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