Sumitomo Mitsui Financial to Promote Ota to President

Society

Tokyo, Dec. 13 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. <8316> plans to promote Deputy President Jun Ota to the post of president on April 1 next year, informed sources said Thursday.

Ota, 60, will replace Takeshi Kunibe, 64, who will step aside to the post of chairman, the sources said.

Makoto Takashima, 60, president and chief executive officer at the company's Sumitomo Mitsui Banking Corp. unit, will remain in the posts.

Kunibe will hand over the reins to Ota after making certain progress in the effort to diversify revenue sources, instead of heavily relying on banking operations, in the face of continued low interest rates.

Ota has expertise in investment banking as well as management and planning. He has been deputy president in charge of planning and finance since April last year.

[Copyright The Jiji Press, Ltd.]

Jiji Press