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SMFG, Sumitomo to Acquire RBS's Aircraft Leasing Business

Tokyo, Jan 19, 2012 (JCN) - Sumitomo Mitsui Banking Corp. (SMBC) and Sumitomo Mitsui Finance and Leasing Co. Ltd (SMFL), both subsidiaries of Sumitomo Mitsui Financial Group Inc. (SMFG), and Sumitomo Corp. will be acquiring The Royal Bank of Scotland Group plc's (RBS) aircraft leasing business, subject to regulatory approvals and clearances by relevant regulatory authorities.

In December 2008, SMFL and Sumitomo established SMFL Aircraft Capital Corp. B.V. to jointly launch and develop an aircraft leasing business as part of their strategic partnership. The companies have since then been expanding vigorously the business.

The acquisition of RBS's aircraft leasing unit, the fourth largest player in the world in terms of book value, will enable SMFG and Sumitomo to further expand and develop the business in Asia and other emerging market as the new unit cooperates with their aircraft leasing unit.

By Chris Lui Staff Writer

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