As per the MoU, the two banks will cooperate in cross-border yuan trade settlement and fund-raising in yuan and other yuan-related business and research.
BOC currently has five branches in Japan.
In April 2011, SMBC has signed a MoU with Banco BTG Pactual, an independent investment bank in Brazil, to begin mutual cooperation in Brazilian-related business activities.
SMBC, a subsidiary of Sumitomo Mitsui Financial Group, and its group companies offer a broad range of financial services centered on banking. They are also engaged in the leasing, securities, credit card, investment, mortgage securitization, venture capital and other credit related businesses.
