Japan’s SMBC bookmarks $64m for social value activities

The group has also established an investment fund.

Japan’s Sumitomo Mitsui Financial Group (SMBC Group) has set aside JPY10b (approximately $64.28m) for activities that “create social value.”

It covers bank activities aimed at helping customers solve social issues, company-wide projects such as a university sports support program, corporate social responsibility (CSR) programs by employees, amongst others.

The budget is equal to 1% of the group’s net income target of JPY1.06t yen for FY2024.

Separately, SMBC Group has also established a “Social Value Creation Investment Fund” of JPY40b, rooted on an earlier fund that aimed to invest in areas that help customers decarbonise their businesses.

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The investment fields have been expanded to five issues: environment, DE&I/human rights, poverty & inequality, the declining birth rate and ageing population, and Japan’s regrowth.

“By utilizing this investment fund, we will not only co-create and develop businesses with our customers who wish to create of social values, but also support the development of new technologies and industries through risk-taking,” SMBC said in a press release on its website.

(US$1 = JPY155.57; as of 20 May 2024, 3:28 PM)