Hope Bancorp’s wholly-owned subsidiary, Bank of Hope, has received all regulatory approvals required to complete the previously announced acquisition of the commercial banking unit of SMBC MANUBANK, a wholly owned subsidiary of SMBC Americas and Sumitomo Mitsui Banking Corporation (SMBC). Regulatory approvals have been received from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation. The transaction is expected to close early in Q4/26, subject to the satisfaction of customary closing conditions.
“Receiving all necessary regulatory approvals marks a significant milestone toward completing this strategic transaction,” Kevin S. Kim, chairman, president and CEO of Hope Bancorp, said. “We are excited about the opportunity to welcome the MANUBANK team and customers to Bank of Hope later this year. This acquisition will bring together two highly complementary organizations, diversify our deposit franchise, strengthen our commercial banking capabilities and expand our presence in the Greater Los Angeles market.”
Bank of Hope and SMBC have also entered into a collaboration and partnership agreement under which Bank of Hope will provide commercial and consumer banking services to SMBC’s Japan-based middle market and retail customers seeking banking services in the United States. The agreement will become effective upon the closing of the transaction.
“Our partnership with SMBC will enable us to support the banking needs of Japanese commercial and retail customers in the United States, while broadening our multinational reach and supporting long-term growth,” Kim said. “I want to thank our colleagues at Bank of Hope and MANUBANK for their dedication and collaboration in bringing us to this important stage. We look forward to completing the transaction and beginning the integration process.”
