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Area Development - Site Selection, Facility Planning and Workforce Development

Japan-Based SMBC Group Plans Charlotte, North Carolina, Headquarters Operations

04/20/2026
Japan-based banking and financial services organization SMBC Group plans to establish operations in Charlotte, North Carolina. The $50.5 million project is expected to create 2,00 jobs in Mecklenburg County over the next six years.

The company’s new headquarters will be located Uptown and support the growth of multiple business units.

“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,” said Hirofumi Otsuka, CEO for SMBC Americas. “A major financial services hub, Charlotte has a deep pool of talent that we will tap into and help build out as we position our bank for long-term success while contributing to the broader local economy. We appreciate the support of Governor Stein and other public leaders as we set out to create 2,000 jobs over the next six years."

The project will be supported, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by $13.4 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $70,032,000 spread over 12 years. State payments occur only following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 170 percent, meaning for every dollar of potential cost, the state receives $2.70 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

“Charlotte is the premier destination for world-class financial services companies like SMBC to find talent and drive growth,” noted North Carolina Commerce Secretary Lee Lilley. “Japanese companies are the top source of foreign direct investment into North Carolina, and SMBC is a welcome addition to the family of Japanese companies that call North Carolina home.”

Because SMBC chose a location in Mecklenburg County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $23,344,000 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Mecklenburg, the new tax revenue generated through JDIG grants helps more economically challenged communities in other locations around the state.

“SMBC’s investment is a strong endorsement of Charlotte’s role as the leading financial hub of the South,” added Christopher Chung, CEO of the Economic Development Partnership of North Carolina (EDPNC). “It also reflects the deep ties between Japan and North Carolina. Japan is our state’s largest source of foreign direct investment, and today’s announcement further strengthens the growing relationship between our two economies.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on the project were the North Carolina General Assembly, the North Carolina Community College System, the Commerce Department’s Division of Workforce Solutions, the University of North Carolina at Charlotte, Central Piedmont Community College, Mecklenburg County, the City of Charlotte, Charlotte Center City Partners, and the Charlotte Regional Business.

“This is the largest jobs announcement in Mecklenburg County since 2020,” said Charlotte Regional Business Alliance COO and Head of Economic Development Tracy Dodson. “SMBC’s investment adds to the more than 5,000 jobs created through foreign direct investment in the region since 2022, reinforcing the Charlotte Region’s position as a global business hub.”

SMBC Group., part of the Sumitomo Mitsui Financial Group, Inc. (SMFG), is a financial services organization that provides banking, leasing, securities, and consumer finance services. The company’s activities include corporate and investment banking, asset management, and financial advisory services, serving corporate, institutional, and individual clients across multiple markets.

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