(Provisional Translation)
July 22, 2005
Financial Services Agency
The Government of Japan
Administrative Actions on Sumitomo Mitsui Financial Group
- The Financial Services Agency [hereinafter referred to as the ''FSA''] today issued a Business Improvement Order to Sumitomo Mitsui Financial Group [hereinafter referred to as the ''SMFG''] based on Article 20.2 of the Early Strengthening Law and Article 52-33.1 of the Banking Law. The FSA recognized the necessity to take administrative actions on SMFG in order to ensure the fulfillment of the Business Revitalization Plan, because the actual figures of profits considerably underperformed the profit targets as of the end of March 2005, set in the Business Revitalization Plan.
- The contents of the Business Improvement Order are as follows.
[1] | SMFG must submit a Business Improvement Plan to the FSA by August 26, 2005. The plan should contain concrete measures to fundamentally improve profitability. |
[2] | SMFG must implement the new Business Improvement Plan steadily. |
[3] | SMFG must report on the progress in the implementation of the plan to the FSA within two months after the end of every quarter starting from the end of September 2005, until it is confirmed that the plan is fully implemented. |
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