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Jun Ohta, the chief executive of Sumitomo Mitsui Financial Group and the driving force behind the bank’s recent wave of expansion in the US and south-east Asia, has passed away at the age of 65.
Ohta spent four years as the head of SMFG, Japan’s second-biggest bank by market capitalisation, after advancing through the ranks during his career.
He was instrumental in steering the financial group through a scandal at its brokerage unit, SMBC Nikko, involving alleged market manipulation and several ongoing trials and arrests.
In November 2022, Ohta, alongside the president of SMBC Nikko, offered a formal apology after the Financial Services Agency issued a business improvement order.
Many of Ohta’s career challenges were navigated during Japan’s prolonged economic stagnation and deflation, leading banks to seek growth overseas as Japan’s population began to decline and companies became less reliant on bank loans.
Ohta was part of the senior leadership at SMFG that advocated for expansion into India, Indonesia, and other south-east Asian economies, as well as expanding SMFG’s Wall Street footprint through an alliance with Jefferies Financial Group in 2021.
His legacy lives on as SMFG continues its efforts in the US and other regions, keeping pace with Japan’s largest banks and expanding its influence in the world of investment banking.
This year Mizuho, the third-biggest of the Japanese banks, announced the purchase of the Wall Street M&A advisory boutique Greenhill in an effort to keep up with its two rivals.
SMFG said it would decide on a successor to Ohta in a timely manner and that deputy president Toru Nakashima would meanwhile become acting chief executive.
