SMBC becomes Japan's first major bank to enter the agricultural sector

Sumitomo Mitsui Banking Corp (SMBC) is set to become Japan's first major bank to enter the agricultural sector as it plans to launch a farming business later this year in an effort to improve the productivity of agricultural produce. The new business is also hoping to expand market channels and, if successful, the bank has announced further plans to begin similar companies throughout other areas with high rice production. Sumitomo Mitsui has teamed with Akita Bank to invest 5% each in the new company, allowing local firms to acquire over 50% of the company's stake.  

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