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UPDATE 3-Japan's SMFG names finance chief Ota as bank's new CEO [Reuters (UK)]

Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG) 
US:NYSE Investor Relations: smfg.co.jp/english/investor
Company Research Source: Reuters
Japan's SMFG names finance chief Ota as bank's new CEO | Reuters 4 Min Read TOKYO (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG) on Friday named finance head Jun Ota as chief executive, at a time when Japan’s third-largest bank draws growing attention for possible merger-and-acquisition activity given a buildup of cash. Ota, 60, has widely been seen as successor to CEO Takeshi Kunibe, who will become chairman. The change will take place in April, SMFG said on Friday. “We are facing an environment that’s set to dramatically change. Ota has an ability to read these changes and adapt to them,” Kunibe told a news conference, citing trends such as digitalization. The smallest of Japan’s three mega banks with 207 trillion yen ($1.82 trillion) in assets, SMFG is the most profitable as measured by return on equity, due in part to an emphasis on higher-margin borrowers such as small and mid-sized businesses. Initially as president of SMFG’s core unit and as overall chief since last yea Show less Read more
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