SMBC Consumer Finance Said to Plan Move to Ginza as Rents Fall

Sumitomo Mitsui Financial Group Inc. (8316)’s consumer lending unit plans to move its Tokyo office to the Ginza shopping district to take advantage of lower rents and better facilities, two people with knowledge of the matter said.

SMBC Consumer Finance Co. aims to move its headquarters into Shochiku Co. (9601)’s new kabuki theater building later this year, one of the people said, asking not to be named before a final agreement is reached.

The consumer lender, which was created last year after Japan’s second-largest bank by market value made Promise Co. a wholly owned unit, is located in the city’s Otemachi financial district. Rents in central Tokyo fell to a record low in January, according to Miki Shoji Co., an office brokerage firm.

“Nothing has been decided” about a relocation, said Takahiko Ishibashi, a spokesman at SMBC Consumer Finance in Tokyo. Taisuke Agata, a Tokyo-based spokesman for Shochiku, declined to comment.

To contact the reporters on this story: Takako Taniguchi in Tokyo at ttaniguchi4@bloomberg.net; Katsuyo Kuwako in Tokyo at kkuwako@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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