Hope Bancorp’s wholly-owned subsidiary, Bank of Hope, completed its previously announced acquisition of the commercial banking unit of SMBC MANUBANK, a wholly-owned subsidiary of SMBC Americas and Sumitomo Mitsui Banking (SMBC).
The acquisition adds an established commercial banking franchise and seasoned professionals to Bank of Hope, diversifying its deposit segments and expanding its footprint and client base in the Greater Los Angeles market.
“The completion of this transaction represents an important milestone in the continued evolution of Bank of Hope,” Kevin S. Kim, chairman, president and CEO of Hope Bancorp, said. “By bringing together MANUBANK’s experienced bankers and longstanding client relationships with our broader banking platform, we are expanding our commercial capabilities to better serve our customers and introducing new opportunities to strengthen client engagement.”
In connection with the closing, the previously announced collaboration and partnership agreement between Bank of Hope and SMBC has become effective. Pursuant to the agreement, Bank of Hope will provide comprehensive financial solutions to SMBC’s Japan-based middle-market and retail customers needing banking services in the United States. The relationship provides Bank of Hope with an additional channel to serve multinational businesses with U.S. operations while strengthening its presence in the Japanese community.
“Our partnership with SMBC opens a meaningful channel to connect businesses across markets,” Kim said. “We believe the combination of SMBC’s global network and Bank of Hope’s commercial banking expertise creates a compelling offering for these clients. We are pleased to welcome the MANUBANK team and customers to Bank of Hope. Our colleagues have been working closely to support a smooth transition, and we look forward to building on the strengths of both organizations.”
