SMBC Group will create 2,000 jobs over six years and invest $50.5 million to open a new office in Charlotte, Governor Josh Stein announced on Apr. 7.
The move is significant for North Carolina’s economy as it strengthens the state’s ties with Japan and reinforces Charlotte’s status as a major banking center. SMBC’s new office will serve as its second U.S. headquarters and support the growth of several business units while expanding talent diversity.
Governor Stein said, “Japan is one of North Carolina’s top economic partners, and I’m honored to welcome another, leading Japanese company to our state.” He added that “Charlotte, the second biggest banking center in the United States, will be an ideal home for SMBC’s second North American headquarters as the bank continues to grow.”
Christopher Chung, Chief Executive Officer of the Economic Development Partnership of North Carolina (EDPNC), said: “SMBC’s investment is a strong endorsement of Charlotte’s role as the leading financial hub of the South. It also reflects the deep ties between Japan and North Carolina. Japan is our state’s largest source of foreign direct investment, and today’s announcement further strengthens the growing relationship between our two economies.”
SMBC Group is part of Sumitomo Mitsui Financial Group Inc., one of Japan’s three largest banking groups with more than 150 offices in nearly 40 countries and about 120,000 employees worldwide. The company has operated for over four centuries in Japan and a century in the United States.
According to the official website, EDPNC receives support from both public entities like the North Carolina Department of Commerce and private sector contributions while working under contract with state agencies through an 18-member board made up of business leaders across industries. The organization focuses on fostering economic growth and improving quality of life for residents across North Carolina. EDPNC also helped secure multiple designations for North Carolina as America’s Top State for Business by CNBC.
The project was developed through partnerships involving several local organizations including Mecklenburg County officials, educational institutions such as Central Piedmont Community College and University of North Carolina at Charlotte, city government representatives from Charlotte Center City Partners, regional business alliances like Charlotte Regional Business Alliance—and was coordinated by EDPNC alongside other public-sector partners.
