Deeper understanding leads to better outcomes
31 Mar 2026
Sale of the Commercial Banking Business of SMBC MANUBANK
NEW YORK, March 31, AND TOKYO, April 1, 2026 – Sumitomo Mitsui Banking Corporation (“SMBC,” President & CEO: Akihiro Fukutome) announced today the sale of the Commercial Banking Unit of SMBC MANUBANK (“MANUBANK”), a California‑based commercial bank and a wholly owned subsidiary of SMBC Americas Holdings, Inc., to Bank of Hope, a U.S. regional bank.
1. Background and Strategic Rationale
SMBC’s key management priorities include enhancing capital efficiency and maximizing shareholder value. In the Americas, SMBC is pursuing strategic growth, with a focus on its corporate and investment banking (CIB) and global markets businesses.
In line with this strategy, and to further optimize its resources, SMBC determined that the continued sustainable growth and long‑term continuity of customer service of MANUBANK’s commercial banking business, which has provided commercial banking services primarily in California, would be best achieved under the ownership and management of Bank of Hope.
Bank of Hope, the acquirer, is a commercial bank wholly owned by Hope Bancorp, Inc., which is listed on the Nasdaq Stock Market in the United States. Bank of Hope has approximately USD 18.5 billion in total assets—about two and a half times the size of MANUBANK—and operates approximately 74 branches nationwide, primarily in California. The bank has identified the expansion of its Asian client base, which includes Japanese clients, as a key strategic priority and has stated its commitment to continuing existing customer services through the onboarding of MANUBANK employees. Based on these considerations, SMBC believes that Bank of Hope is the most appropriate buyer for this business.
Jenius Bank, the digital banking business operated by MANUBANK to provide digital deposit accounts and personal loans to retail customers, is not included in this transaction and will not be transferred to Bank of Hope.
2. Transfer of Customer Relationships and Operations
Subject to regulatory approvals, upon closing, the principal assets and liabilities related to MANUBANK’s commercial banking business (excluding certain loans acquired from third parties) are expected to be transferred to Bank of Hope. SMBC will support Bank of Hope for a smooth transition of customer relationships and the maintenance of service levels following the transfer. Impacted customers will be notified separately in coordination with Bank of Hope.
3. Impact of the Transaction
This transaction is not expected to have any impact on SMBC’s consolidated full‑year earnings forecast for the fiscal year ending March 31, 2026. SMBC will continue to work with all stakeholders to achieve sustainable growth and enhance long‑term shareholder value.
4. Overview of MANUBANK (Business to be Sold)
Name: SMBC MANUBANK
Head Office: 515 South Figueroa Street, Los Angeles, CA 90071
Capital: USD 1,031 million Shareholder: SMBC Americas Holdings (100%)
Established: June 26, 1962
Representative: Takeshi Okamoto
Business: Banking
Website: https://www.smbcmanubank.com/
5. Overview of Bank of Hope (Acquirer)
Name: Bank of Hope
Head Office: 3200 Wilshire Blvd., Suite 1400, Los Angeles, CA 90010 Shareholder: Hope Bancorp, Inc. (100%)
Established: March 18, 1986
Representative: Kevin S. Kim
Business: Banking
Website: https://www.bankofhope.com/
(Additional Company Information)
Bank of Hope provides a broad range of commercial, corporate, and retail lending, deposit products, and fee‑based services. These include commercial and commercial real estate lending, Small Business Administration (SBA) loans, residential mortgages and other consumer loans, treasury management services, foreign exchange solutions, interest‑rate risk hedging products, and international trade finance. The bank’s website (www.bankofhope.com) offers online banking services and related applications in both English and Korean.
On April 2, 2025, Bank of Hope completed the acquisition of Territorial Bancorp Inc., headquartered in Honolulu, Hawaii (“Territorial”). Following the completion of the transaction, Territorial’s existing Hawaii franchise continues to operate under the name “Territorial Savings, a division of Bank of Hope.”
6. External Advisors
RBC Capital Markets is acting as exclusive financial advisor and Davis Polk & Wardwell LLP as legal advisor to SMBC. Keefe Bruyette and Woods, Inc, a Stifel Company is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as a legal advisor to Hope.
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1. Background and Strategic Rationale
SMBC’s key management priorities include enhancing capital efficiency and maximizing shareholder value. In the Americas, SMBC is pursuing strategic growth, with a focus on its corporate and investment banking (CIB) and global markets businesses.
In line with this strategy, and to further optimize its resources, SMBC determined that the continued sustainable growth and long‑term continuity of customer service of MANUBANK’s commercial banking business, which has provided commercial banking services primarily in California, would be best achieved under the ownership and management of Bank of Hope.
Bank of Hope, the acquirer, is a commercial bank wholly owned by Hope Bancorp, Inc., which is listed on the Nasdaq Stock Market in the United States. Bank of Hope has approximately USD 18.5 billion in total assets—about two and a half times the size of MANUBANK—and operates approximately 74 branches nationwide, primarily in California. The bank has identified the expansion of its Asian client base, which includes Japanese clients, as a key strategic priority and has stated its commitment to continuing existing customer services through the onboarding of MANUBANK employees. Based on these considerations, SMBC believes that Bank of Hope is the most appropriate buyer for this business.
Jenius Bank, the digital banking business operated by MANUBANK to provide digital deposit accounts and personal loans to retail customers, is not included in this transaction and will not be transferred to Bank of Hope.
2. Transfer of Customer Relationships and Operations
Subject to regulatory approvals, upon closing, the principal assets and liabilities related to MANUBANK’s commercial banking business (excluding certain loans acquired from third parties) are expected to be transferred to Bank of Hope. SMBC will support Bank of Hope for a smooth transition of customer relationships and the maintenance of service levels following the transfer. Impacted customers will be notified separately in coordination with Bank of Hope.
3. Impact of the Transaction
This transaction is not expected to have any impact on SMBC’s consolidated full‑year earnings forecast for the fiscal year ending March 31, 2026. SMBC will continue to work with all stakeholders to achieve sustainable growth and enhance long‑term shareholder value.
4. Overview of MANUBANK (Business to be Sold)
Name: SMBC MANUBANK
Head Office: 515 South Figueroa Street, Los Angeles, CA 90071
Capital: USD 1,031 million Shareholder: SMBC Americas Holdings (100%)
Established: June 26, 1962
Representative: Takeshi Okamoto
Business: Banking
Website: https://www.smbcmanubank.com/
5. Overview of Bank of Hope (Acquirer)
Name: Bank of Hope
Head Office: 3200 Wilshire Blvd., Suite 1400, Los Angeles, CA 90010 Shareholder: Hope Bancorp, Inc. (100%)
Established: March 18, 1986
Representative: Kevin S. Kim
Business: Banking
Website: https://www.bankofhope.com/
(Additional Company Information)
Bank of Hope provides a broad range of commercial, corporate, and retail lending, deposit products, and fee‑based services. These include commercial and commercial real estate lending, Small Business Administration (SBA) loans, residential mortgages and other consumer loans, treasury management services, foreign exchange solutions, interest‑rate risk hedging products, and international trade finance. The bank’s website (www.bankofhope.com) offers online banking services and related applications in both English and Korean.
On April 2, 2025, Bank of Hope completed the acquisition of Territorial Bancorp Inc., headquartered in Honolulu, Hawaii (“Territorial”). Following the completion of the transaction, Territorial’s existing Hawaii franchise continues to operate under the name “Territorial Savings, a division of Bank of Hope.”
6. External Advisors
RBC Capital Markets is acting as exclusive financial advisor and Davis Polk & Wardwell LLP as legal advisor to SMBC. Keefe Bruyette and Woods, Inc, a Stifel Company is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as a legal advisor to Hope.
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