SMBC clinches approval to open branch in Bengaluru, India This is the Japanese megabank’s fifth branch in the country. Sumitomo Mitsui Banking Corporation (SMBC) has obtained approval from the Reserve Bank of India (RBI) to commence preparations to open

This is the Japanese megabank’s fifth branch in the country.

Sumitomo Mitsui Banking Corporation (SMBC) has obtained approval from the Reserve Bank of India (RBI) to commence preparations to open a branch at Bengaluru, India.

The Japanese megabank said that it will undertake the necessary steps to open a branch, subject to approval of Japanese regulatory authorities.

This is SMBC’s fifth branch in the country. Its New Delhi branch first opened doors in March 2013, whilst its latest branch at Gift City began servicing customers in July 2024.

SMBC noted Bengaluru for being a city “known for the automotive industries as well as IT industries.”

“India is a huge market with high economic growth and significant medium to long term growth potential and is a promising destination for Japanese companies and other multinational companies due to its size as a consumer market and sizable working population,” the Japanese bank said in a statement posted on 9 June 2025.