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SMBC expands footprint, invests $600 million in India operations

The corporation has invested $600 mn in its Indian operations in 2020

Sumitomo Mitsui Banking Corporation
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Sumitomo Mitsui Banking Corporation. Photo credit: Wikimedia commons

T N NarasimhanAbhijit Lele Chennai/Mumbai
Sumitomo Mitsui Banking Corporation (SMBC) said on Wednesday that it has infused $600 million into its India operations this year. The infusion doubles SMBC’s capital commitment to its India operations (to $1.2 billion). It added that it will open a new branch in Chennai. 

This is the second major announcement this week by a foreign financial player on making substantial investments in India. On Tuesday, DBS group of Singapore proposed to infuse Rs 2,500 crore into troubled Indian private lender Lakshmi Vilas Bank (LVB), as part of plans to amalgamate LVB with DBS Bank India.    

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