Title
Public Hearing - Business Location and Expansion - Sumitomo Mitsui Banking Corporation
Action
ACTION:
1) Open public hearing to receive comments on a proposed Business Investment Program grant for SUMITOMO MITSUI BANKING CORPORATION.
2) Close public hearing.
3) Approve a resolution for a 5-year, 80% Business Investment Program Grant to Sumitomo Mitsui Banking Corporation for a not-to-exceed amount of $790,000 and to authorize the County Manager to negotiate and execute the contract.
Staff Contact: Clay Andrews, Economic Development Manager, Office of Economic Development
Presentation: Yes
BACKGROUND/JUSTIFICATION:
SUMITOMO MITSUI BANKING CORPORATION is a global financial services institution engaged in banking, securities, leasing, credit cards, and consumer finance. Headquartered in Tokyo,Japan the firm maintains offices in 22 countries and employs more than 85,000 people worldwide, including approximately 6,000 employees in the Americas. Its American headquarters is located in New York City.
With approximately $2.036 trillion in total assets, the company is a major international financial platform with significant scale and industry expertise. The proposed project would support the growth of a diverse range of positions including executive, mid-management, associate, and analyst roles, further strengthening the region’s concentration of financial talent and contributing to the development of long-term career opportunities in the local market.
SUMITOMO MITSUI BANKING CORPORATION's proposed project meets all the following grant guidelines for a 5-year Business Investment Program Grant, specifically:
• A taxable investment of $50,536,679 to be completed in the next five years.
• Creation of 2000 new jobs with an average wage of $165,686 (which is equal to or greater than 100% of the average SOC codes for each job position for the Charlotte-Gastonia-Rock Hill M.S.A.).
• There is competition for this project from Jacksonville, FL.
The general terms and conditions of this grant include:
• A portion of the grant must be repaid if the company moves this investment from Charlotte within 5 years of the end of the grant term.
• Actual grant payments are based on the value of the investment as appraised by the Mecklenburg County Tax Office.
• All property taxes due from the company must be paid before a grant payment is made.
The Board of County Commissioners indicated its intent to approve this grant in a closed session on 03/17/2026.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Business Investment Grant Account: first estimated payment would be in FY28