Sumitomo Mitsui Financial to Promote Nakashima to Pres.

Jiji Press

11:43 JST, December 1, 2023

TOKYO, Nov. 30 (Jiji Press) — Sumitomo Mitsui Financial Group Inc. said Thursday that it will promote Deputy President Toru Nakashima to president on Friday, following the death of President Jun Ota late last week.

Nakashima, 60, has been acting as head of the megabank group since Ota’s sudden death. He is expected to be appointed to the board of directors at next June’s general shareholders meeting.

Nakashima has a long career in corporate planning and has extensive connections in political and bureaucratic circles.

A graduate of the Faculty of Engineering at the University of Tokyo, Nakashima joined Sumitomo Bank, a predecessor of Sumitomo Mitsui Banking Corp., in 1986. He was involved in the creation of Sumitomo Mitsui Banking in 2001 through the merger of Sumitomo Bank and Sakura Bank. He assumed his current post in April this year.

At a press conference in Tokyo on Thursday, Nakashima said, “I will maintain and improve our positive momentum and lead the group to a higher level.”

Referring to his late predecessor, he said, “I think (Ota) still had a lot of things he wanted to accomplish. I will carry on his wishes and accomplish them.”

He plans to further promote Ota’s business strategies, including on promoting digitalization and strengthening overseas operations.

Ota is said to have recommended Nakashima’s promotion to president to the company’s nominating committee before his death.

Chairman Takeshi Kunibe said Nakashima “is well-versed in business and has an excellent broad perspective and strategic view.”