Davis Polk advised Sumitomo Mitsui Financial Group on the deal.
Sumitomo Mitsui Financial Group, Inc. completed its reopening of its July 2020 SEC-registered takedown offering of senior TLAC notes. The reopening consisted of $850 million aggregate principal amount of 1.474% senior notes due 2025. The notes are structured to count as total loss-absorbing capacity under the Japanese TLAC regulations.
SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly owned subsidiary, Sumitomo Mitsui Banking Corporation, is one of the world’s largest commercial banks by assets.
The Davis Polk team included partner Jon Gray (Picture), counsel Christopher Kodama and associate Alexander Coley. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.
Involved fees earner: Alexander Coley – Davis Polk & Wardwell; Jon Gray – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Christopher Kodama – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;
Law Firms: Davis Polk & Wardwell;
Clients: Sumitomo Mitsui Financial Group Inc.;