SMBC eyes Mexican expansion focused on lending, leasing
Sumitomo Mitsui Banking Corp (SMBC) is expanding operations in Mexico by enhancing its ability to lend in the local currency and commencing leasing activities. The firm thinks that Japanese carmakers in particular will continue to grow through the company, increasing the need for finance in Mexican pesos. SMBC is now leasing industrial equipment in Mexico to boost dealings with Japanese carmakers. Other Japanese lenders are also expanding in the country. Mizuho Bank is setting up a peso lending unit and Bank of Tokyo-Mitsubishi UFJ opened a second office there in March.

TOKYO -- Sumitomo Mitsui Banking Corp. will expand operations in Mexico by boosting its ability to lend in the local currency as well as starting leasing operations there.

The unit of Sumitomo Mitsui Financial Group thinks Japanese companies, particularly automakers, will continue to expand into the Latin American country over the mid- to long term, increasing the need for finance in Mexican pesos.