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Sumitomo Mitsui Financial Group: Appoint Koichi Miyata As Group President

Published Friday, 28th January 2011 02:10 pm - © 2011 Dow Jones

TOKYO -(Dow Jones)- Sumitomo Mitsui Financial Group Inc. (8316.TO) said Friday that its president, Teisuke Kitayama, will resign and will be succeeded by senior managing director Koichi Miyata effective April 1.

Masayuki Oku, president of the core banking unit Sumitomo Mitsui Banking Corp., will also step down and will hand his post over to Takeshi Kunibe, who is a senior managing director.

After six years of leadership, Kitayama and Oku will give up board presidencies but remain chairmen for SMBC and SMFG, respectively.

Separately, Japan's second largest bank by market capitalization also posted strong profit growth in the April-December period, doubling from a year earlier, mainly due to gains from bond-trading and decreased credit costs.

The lender posted a profit of Y515.14 billion from Y247.84 billion a year ago. Operating revenue rose 24% on year to Y2.912 trillion.

The company's financial results are based on Japanese accounting standards.

-By Atsuko Fukase, Dow Jones Newswires; 813-6269-2792;

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