Sumitomo Mitsui CEO Jun Ohta, Responsible For Pushing Asia's Growth, Passes Away At 65
Jun Ohta, the Chief Executive Officer of Sumitomo Mitsui Financial Group, passed away on 25 November at the age of 65 due to pancreatic cancer, as confirmed by a spokesperson on Monday.
As the second-largest Japanese lender, Sumitomo Mitsui Financial Group plans to announce its successor soon, awaiting an official appointment. Ohta's absence from an earnings briefing earlier this month due to health reasons was the first indication that something was wrong with the CEO.
Meanwhile, the Deputy President Toru Nakashima has taken on the role, but the company will announce a successor soon. Ohta had previously worked as a mid-level manager in Singapore and later became an advocate for building full-banking services in key Asian markets.
Additionally, he was also responsible for boosting Sumitomo Mitsui's investment banking business in the USA through a build-up in investment in Jefferies Financial Group Inc.
Under his leadership, Sumitomo Mitsui invested billions of dollars in four Asian nations - Indonesia, India, Vietnam, and the Philippines - as focus markets when growth opportunities in Japan decreased due to economic expansion and deflation.
Sameshima, a company spokesperson, said, "He was a straight talker. Ohta's policy will be continued by whoever succeeds him." Ohta was one of the first Japanese bank executives to publicly voice the need to prepare for opportunities presented by rising interest rates.
With inflation starting to take hold in Japan, bank shares have been surging on expectations that the central bank may soon scrap its seven-year negative interest-rate policy.
