Manufacturers Bank Rebrands as SMBC MANUBANK

Rhea-AI Summary

SMBC MANUBANK (Ticker: SMBM) formerly known as Manufacturers Bank, a subsidiary of SMBC Americas Holdings, Inc., has rebranded to reflect its strategic vision of expanding its commercial banking business, competing in the digital consumer bank space, and aligning with SMBC Group. The bank aims to provide high-touch service, actionable insights, and innovative solutions powered by technology, while also honoring its roots and building strong client and community relationships. The recent launch of Jenius Bank™, a digital division catering to U.S. consumers, is a part of its growth initiatives.

Name change honors storied past while setting vision for innovative growth

LOS ANGELES--(BUSINESS WIRE)-- Manufacturers Bank, a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, announced today that it has changed its name to SMBC MANUBANK. The new name reflects the bank’s strategic vision to transform and expand its commercial banking business, compete in the digital consumer bank space, and further align with SMBC Group.

WHERE LOCAL EXPERTISE MEETS GLOBAL REACH AND DIGITAL INNOVATION

“SMBC MANUBANK reinforces our commitment to invest and transform our business to be client-first, and meet our clients where they are, whether it is in person or online,” said Kazuhisa Miyagawa, SMBC MANUBANK Chairman and CEO. “Our goal is to build long term client relationships by providing high-touch service, actionable insights and innovative solutions powered by first-class technology,” added Miyagawa.

GATEWAY TO GROWTH

SMBC MANUBANK also reflects the bank’s commitment to honor its roots and build strong client and community relationships across SMBC Group, and its aspiration to be a Gateway to Growth for clients, communities, and colleagues.

The commercial bank is implementing plans to transform by streamlining processes, investing in technology, and expanding its product offerings to support the bank’s growth initiatives. The goal of these efforts is to bring innovative solutions that humanize banking and enhance the bank’s high-touch, high-engagement way of doing business. Clients still have access to local decision makers, dedicated relationship managers, specialized expertise in diverse industries, and offices across California.

SMBC MANUBANK's most recent innovation is Jenius Bank™, a digital division catering to U.S. consumers nationwide. Launched in mid-2023, Jenius Bank offers personal loans, savings accounts, and plans to introduce a mobile app in the coming months.

There is no change in bank ownership, management or operations associated with this name change.

ABOUT SMBC MANUBANK

Founded in 1962, SMBC MANUBANK is a California state-chartered commercial bank based in Los Angeles and is a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. SMBC MANUBANK serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. The commercial bank has offices in Los Angeles, Beverly Hills, Brea, Encino, Glendale, Newport Beach, San Jose, and Torrance. For more information, please visit www.smbcmanubank.com.

ABOUT JENIUS BANK

Now open to customers, Jenius Bank has a mission to help people live a richer life through actionable insights and innovative tools powered by first-class technology. The bank currently offers personal loans and a savings product, with a mobile app launching in the coming months. Jenius Bank is the digital division of SMBC MANUBANK, a California state chartered commercial bank that is a wholly owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. The Jenius Bank team works remotely across 39 states but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina. To learn more information about Jenius Bank, visit www.jeniusbank.com.

ABOUT SMBC GROUP

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20231205661081/en/

Dean Bui

Executive Director

Marketing & Product Development Manager

213-489-6286

Source: SMBC MANUBANK

FAQ

What is the new name of Manufacturers Bank?

Manufacturers Bank has changed its name to SMBC MANUBANK.

What is the ticker symbol for SMBC MANUBANK?

The ticker symbol for SMBC MANUBANK is SMBM.

What is the strategic vision behind the name change?

The name change reflects the bank's vision of expanding its commercial banking business, competing in the digital consumer bank space, and aligning with SMBC Group.

What recent innovation has SMBC MANUBANK launched?

SMBC MANUBANK has recently launched Jenius Bank™, a digital division catering to U.S. consumers, offering personal loans, savings accounts, and plans for a mobile app.

Is there any change in ownership, management, or operations associated with the name change?

No, there is no change in bank ownership, management, or operations associated with the name change.