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SMBC Appoints Rick Davison as Chief Financial Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
SMBC Group has appointed Rick Davison as Chief Financial Officer for the Americas. Hirofumi Otsuka, CEO of SMBC Group in the Americas, emphasized Rick's strong track record in enhancing business and shareholder value. Rick previously served as U.S. Chief Financial Officer for the Royal Bank of Canada, overseeing finance-related areas and leading various initiatives. With a Bachelor of Business Administration from Villanova University, he aims to enhance financial processes and support business growth at SMBC.
Positive
Rick Davison brings extensive experience from RBC, expected to enhance strategic capital allocation at SMBC.
Leadership change may drive improved financial oversight and business growth initiatives.
Negative
Transition may create short-term uncertainty regarding continuity in financial strategy.
NEW YORK--(BUSINESS WIRE)--
SMBC, a member of SMBC Group, today announced the appointment of Rick Davisonas Chief Financial Officer for the Americas.
Hirofumi Otsuka, CEO of SMBC Group in the Americas and President & CEO of SMBC Americas Holdings, Inc., said, “Rick brings to SMBC a superior track record of delivering results and creating and enhancing business and shareholder value. His breadth and depth of experience provide a compelling blend of strategic capital allocation discipline, well-honed operating skills, and transformational leadership abilities. Rick will be a strong partner as we execute our strategic plan and improve our operating results to position SMBC for sustainable, long-term growth.”
“I am excited to lead SMBC’s finance function and collaborate with our senior leadership team to set and execute against our strategy,” said Rick Davison. “We continue to further enhance our controls and oversight of financial processes, as we expand the support of our business growth initiatives and build even further momentum on our transformation journey.”
Prior to joining SMBC, Rick was the U.S. Chief Financial Officer for the Royal Bank of Canada (RBC), where he was responsible for providing primary oversight in the U.S. on all finance-related areas, including capital adequacy, financial planning, financial and regulatory reporting, and general business advisory.
During his tenure with RBC’s Finance Department, Rick was Co-Head of RBC’s CCAR Program within Group Risk Management. This was a joint initiative between the company’s Risk and Finance functions that managed the delivery of CCAR/DFAST for RBC’s Intermediate Holding Company (IHC).
Before the CCAR leadership role, Rick held several increasingly responsible roles since 2008, including as Head of Performance Management, which encompassed regional management reporting, business advisory, budgeting, local board reporting, and financial forecasting. Prior to his career at RBC, Rick was with Barclays Capital for three years, where he spent time in its New York, London, and Singapore offices in various finance roles.
Rick has a Bachelor of Business Administration from Villanova University.
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 140 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. As of June 30, 2022, its total assets were $1.97 trillion.
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, Manufacturers Bank, 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.
