The firm made a point of stressing Singapore's importance as its Asia-Pacific hub.

Sumitomo Mitsui Banking Corporation has made Singapore-based appointments of Yuichi Nishimura and Rajeev Kannan as managing executive officers and co-heads of the Asia-Pacific Division.

The appointments took effect from Friday, the Japanese firm said in a statement.

The Japanese group believes that the Asia-Pacific region is a “key pillar of SMBC’s growth strategy and in its medium-term management plan unveiled in 2020.” It pointed out that Singapore is SMBC’s hub in the Asia-Pacific region.

“I look forward to working closely with Mr Kannan to deliver on SMBC’s Asia-centric strategic growth plan and help realise SMBC’s vision of becoming a trusted global solution provider committed to the growth of our customers and the advancement of society,” Nishimura said.