Sumitomo Mitsui Financial Group Inc announced on 20 August 2025 the signing of a Memorandum of Understanding (MOU) with the West African Development Bank (BOAD). This agreement aims to develop trade and investment in the region of the West African Economic and Monetary Union (UEMOA) on the occasion of the 9th Tokyo International Conference on African Development (TICAD9).

SMBC is strengthening its business relationships with BOAD, particularly in the field of corporate finance. The signing of this memorandum of understanding aims to accelerate the multifaceted cooperation between the two institutions in the financial sector, as well as to improve the support of their clients by promoting partnerships with Japanese companies and other actors, and by creating investment opportunities, especially in the UEMOA region. It is also about strengthening support for the commercial and investment initiatives of our customers across Africa, while contributing to the sustainable economic development of the region.

Sumitomo will also support Kubota's initiatives by providing financial services such as corporate finance, foreign trade finance, and export credit agency financing.

Sumitomo Mistui Financial stock closed 0.5% lower in Tokyo on Thursday. The stock has increased by 24% over the past year