Sumitomo Mitsui Bank to open branch in Chongqing

Sumitomo Mitsui Banking Corp. will become the first Japanese bank open a branch in Chongqing, China, by June.

The branch will become the 15th base in China for the Sumitomo Mitsui group, it said.

SMBC aims to allocate about 20 employees to support Japanese companies' business expansion in China. The plan has won approval from Chinese authorities.

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