Governor Josh Stein announced on Apr. 7 that SMBC Group, a major Japanese financial institution, will establish its second U.S. headquarters in Charlotte and create 2,000 jobs over six years. The company plans to invest $50.5 million in Mecklenburg County.
The announcement highlights the growing economic relationship between North Carolina and Japan as well as Charlotte’s position as a key banking center in the United States. The project is expected to strengthen the state’s financial sector and provide new employment opportunities.
Stein said he met with company leaders during his business development trip to Tokyo last fall to recruit them to North Carolina. “Japan is one of North Carolina’s top economic partners, and I’m honored to welcome another, leading Japanese company to our state,” said Governor Josh Stein. “Charlotte, the second biggest banking center in the United States, will be an ideal home for SMBC’s second North American headquarters as the bank continues to grow.”
SMBC Group is part of Sumitomo Mitsui Financial Group Inc., which operates more than 150 offices across nearly 40 countries and employs about 120,000 people worldwide. Hirofumi Otsuka, CEO for SMBC Americas, said: “As SMBC continues to grow substantially in the United States, Charlotte is a standout location for us to invest in North Carolina for the long term in a major expansion that will establish our roots in the community.”
The average salary for new positions at SMBC will be $165,316 compared with Mecklenburg County’s average wage of $90,706. The project will be supported by a Job Development Investment Grant (JDIG) approved by the Economic Investment Committee; over twelve years it could add $13.4 billion to North Carolina’s economy.
Because Mecklenburg County is classified as Tier 3 under state guidelines, part of JDIG funds—$23 million—will go into an account supporting infrastructure upgrades for rural communities elsewhere in North Carolina.
N.C. Senator Caleb Theodros said: “Charlotte is a major center for international commerce, and it’s a point of pride to add the SMBC name to our region’s calling card.” N.C Representative Becky Carney added: “Many local, regional and state economic development teams worked closely over many months… We stand ready to help this company make connections and expand opportunities for people in our region.”
Josh Stein has served as the state’s governor according to the official website. The Office of the Governor serves all residents across North Carolina according to its official website, executes state laws as chief executive while leading policy through budget direction and granting pardons according to its official website, and acts as commander-in-chief of the National Guard with authority over executive appointments according to its official website.