Sumitomo Mitsui Banking Corporation (SMBC) has established a department (Environment Analysis Department) within the Credit Department of its International Banking Unit effective today to strengthen its commitment to social and environmental responsibility. The new department will establish an environmental impact assessment framework for overseas project financing and conduct assessments accordingly.
SMBC has also adopted the Equator Principles. Thirty-eight major financial institutions worldwide have adopted the Equator Principles (as of December 31, 2005).
With the new department leading the initiative, SMBC aims to quickly establish an environmental impact assessment framework that is in line with the Equator Principles and will take into account appropriate environmental and social consideration more than before.