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SMBC Group to Launch Jenius Bank™, a New Digital Consumer Banking Business in the U.S.

By: via Business Wire

Sumitomo Mitsui Financial Group, Inc. ("SMFG”, President and Group CEO Jun Ohta, together with subsidiaries “SMBC Group”) announced today that it will strengthen its presence in the U.S. with a new digital consumer banking business. Jenius Bank™ will launch and operate as a new division of Manufacturers Bank, a California state-chartered bank that is a wholly-owned subsidiary of SMBC Group.

Jenius Bank will launch in the coming months with personal loans and then expand its offerings with savings and checking products within its first year. Jenius Bank has established an extensive and ongoing consumer research program that will drive product designs with direct customer input. “With the launch of Jenius Bank, we have the rare opportunity to build exceptional products from scratch that uniquely meet the needs of today’s digitally-native consumers who need and expect more,” said Kazuhisa Miyagawa, Chairman and CEO of Manufacturers Bank.

Built on one of the most modern banking platforms in the industry, Jenius Bank will offer a 100% digital banking experience that delivers on the promise of smarter banking for a richer life. “The new digital consumer banking business is another tangible example of SMBC Group’s focus and commitment to further enhancing its customer service,” said President and Group CEO Jun Ohta.

John Rosenfeld is President of Jenius Bank. He has over 20 years of experience in the financial services industry, including serving as the founder and President of Citizens Access, an online direct bank of Citizens Bank.

Leaning into a digital-first strategy, Jenius Bank has partnered with several leading technology providers to bring together an integrated platform that will deliver on consumers’ holistic needs. Jenius Bank’s competitive differentiation also extends to its workforce, leveraging a predominantly remote employee base. Jenius Bank has assembled an executive team of proven leaders from both leading banks, as well as best-in-class digital experience companies, and it expects to continue growing staff based on their expertise, not their geography.

“Jenius Bank will be a leader in data and technology, using information to provide personalized insights for consumers seeking to make the most of their money, not just manage it,” said Rosenfeld. Jenius Bank is also taking a firm stand that it won’t charge the punitive fees that most banks charge today, it will minimize paper and manual processing, and it will not have any physical branches. “Our target customers don’t want these things, and the resulting efficiency will allow us to provide more value back to them. We are equally committed to being a fully digital bank and to providing outstanding customer service through a U.S.-based support team,” Rosenfeld added.

About SMBC Group

SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of June 30, 2022, its total assets were $1.97 trillion.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.

About Manufacturers Bank

Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. Manufacturers Bank serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.manufacturersbank.com.

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