SMBC Group Announces Banking Operation Expansion In Charlotte
Yesterday, SMC Group, one of Japan’s largest financial institutions, announced plans to establish a second U.S. headquarters in Charlotte. The company says this expansion will create 2,000 jobs, and the company plans to invest $50.5 million in Mecklenburg County.
“As SMBC continues to grow substantially in the United States, Charlotte is a standout location for us to invest in North Carolina for the long term in a major expansion that will establish our roots in the community,” said Hirofumi Otsuka, CEO for SMBC Americas. “A major financial services hub, Charlotte has a deep pool of talent that we will tap into and help build out as we position our bank for long-term success while contributing to the broader local economy. We appreciate the support of Governor Stein and other public leaders as we set out to create 2,000 jobs over the next six years."
SMBC, with headquarters in Tokyo, is part of the Sumitomo Mitsui Financial Group, Inc. (SMFG), one of the three largest banking groups in Japan with more than 150 offices in nearly 40 countries and 120,000 employees worldwide. The company has roots over four centuries in Japan and over a century in the United States. SMFG conducts banking activities through its wholly owned direct subsidiary, SMBC. The Charlotte project will establish a major hub for the company to support the growth of multiple business units and expand its talent diversity.
Although wages will vary depending on each position, the average salary for all the new positions will be $165,316. The average wage in Mecklenburg County stands at $90,706. The project is supported by $70 million in state incentives and is expected to contribute over $13.4 billion to North Carolina’s economy.
What They Are Saying:
“Charlotte is the premier destination for world-class financial services companies like SMBC to find talent and drive growth,” said North Carolina Commerce Secretary Lee Lilley. “Japanese companies are the top source of foreign direct investment into North Carolina, and SMBC is a welcome addition to the family of Japanese companies that call North Carolina home.”
“Charlotte is a major center for international commerce, and it's a point of pride to add the SMBC name to our region's calling card," said N.C. Senator Caleb Theodros. “We look forward to supporting this great Japanese company as it puts down roots in our state."
"Many local, regional, and state economic development teams worked closely over many months to make today’s announcement possible,” said N.C. Representative Becky Carney. “We understand the complexities and needs of the financial services industry, and everyone in Charlotte and Mecklenburg County welcomes SMBC. We stand ready to help this company make connections and expand opportunities for people in our region.”
