Deeper understanding leads to better outcomes
11 Jul 2023
Jenius BankTM Launches U.S. Digital Consumer Banking Business
Tokyo – July 11, 2023 – Sumitomo Mitsui Financial Group, Inc. (“SMFG”, President and Group CEO, Jun Ohta, together with subsidiaries “SMBC Group”) announced today that it has begun providing personal loans to U.S. residents through Jenius BankTM, a division of SMBC MANUBANK, a California state-chartered bank that is a wholly-owned subsidiary of SMBC Group.
Jenius Bank creates an opportunity for SMBC Group to deepen and expand its U.S. business, providing scale and growth potential in the U.S. consumer banking market.
By taking a different approach to conventional banking services, Jenius Bank will operate as a digital bank without physical branches, providing customers with a banking experience that is built on their preferences. Additionally, through its extensive consumer research program, Jenius Bank will proactively incorporate customer feedback while developing and updating its products and services to meet the constantly changing needs of customers.
Jenius Bank intends to become a full-service bank for the U.S. market with additional offerings in the coming months, including a savings product and mobile app. For further details, please visit www.jeniusbank.com.
SMBC Group will continually create new businesses that best serve and add value to customers in the rapidly evolving digital financial environment.
Outline of Jenius Bank
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.
Contact
Drew Benson
drew.benson@smbcgroup.com
Jenius Bank creates an opportunity for SMBC Group to deepen and expand its U.S. business, providing scale and growth potential in the U.S. consumer banking market.
By taking a different approach to conventional banking services, Jenius Bank will operate as a digital bank without physical branches, providing customers with a banking experience that is built on their preferences. Additionally, through its extensive consumer research program, Jenius Bank will proactively incorporate customer feedback while developing and updating its products and services to meet the constantly changing needs of customers.
Jenius Bank intends to become a full-service bank for the U.S. market with additional offerings in the coming months, including a savings product and mobile app. For further details, please visit www.jeniusbank.com.
SMBC Group will continually create new businesses that best serve and add value to customers in the rapidly evolving digital financial environment.
Outline of Jenius Bank
| Company name | Jenius Bank |
| Company outline | Established as the digital banking division of SMBC MANUBANK. Under the leadership of John Rosenfeld, who previously led major U.S. regional banks, management at Jenius Bank is comprised of experienced professionals from major financial institutions and fintech companies. |
| Target customer | U.S. residents |
| Products | In addition to personal loans, Jenius Bank plans to offer a savings product and mobile app in the coming months. |
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.
Contact
Drew Benson
drew.benson@smbcgroup.com