Japan’s SMBC Group to launch Jenius Bank in the US
Sumitomo Mitsui Financial Group, along with its subsidiaries (SMBC Group), is set to launch a new digital consumer banking business in the US named Jenius Bank.
Jenius Bank, which is due to launch in the coming months, will operate as a new division of Manufacturers Bank, a California state-chartered bank that is a wholly owned subsidiary of SMBC Group.
On launching, Jenius Bank will initially offer personal loans before expanding with savings and checking products “within its first year”.
John Rosenfeld has been appointed president of Jenius Bank. He brings with him over 20 years of experience in the financial services industry and previously served as founder and president of Citizens Access, the online direct bank of Citizens Bank.
Rosenfeld says the digital bank will “provide personalised insights for consumers seeking to make the most of their money, not just manage it”.
The firm says it will not charge “punitive fees that most banks charge today” and adds it aims to minimise paper usage and manual processing.
“Our target customers don’t want these things, and the resulting efficiency will allow us to provide more value back to them,” Rosenfeld says.
SMBC Group is one of the biggest financial groups in Japan. Headquartered in Tokyo, it has more than 140 offices and 86,000 employees spread across 40 countries.
Sumitomo Mitsui Financial Group is the holding company of SMBC Group and boasts total assets worth $1.97 trillion.