Governor Josh Stein announced on Apr. 7 that SMBC Group, one of Japan’s largest financial institutions, will establish its second U.S. headquarters in Charlotte and create 2,000 jobs over six years with a $50.5 million investment in Mecklenburg County.
The move is expected to strengthen North Carolina’s position as a financial services hub and provide new employment opportunities for residents. The Office of the Governor of North Carolina serves the entire state, according to the official website.
Stein met with company leaders during his business development trip to Tokyo last fall to encourage their investment in 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 is part of Sumitomo Mitsui Financial Group and operates more than 150 offices worldwide with about 120,000 employees. The Charlotte project will serve as a major hub supporting multiple business units and expanding talent diversity within the company.
“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.”
North Carolina Commerce Secretary Lee Lilley said: “Charlotte is the premier destination for world-class financial services companies like SMBC to find talent and drive growth.” He also noted that Japanese companies are now a top source of foreign direct investment into North Carolina.
The average salary for all new positions at SMBC’s Charlotte office will be $165,316 compared with Mecklenburg County’s average wage of $90,706. The project includes support from a Job Development Investment Grant (JDIG), which could reimburse up to $70 million over twelve years if job creation targets are met—a program designed so payments occur only after performance verification by state departments.
Because Mecklenburg County is classified as Tier 3 under state guidelines—and JDIG projects generate additional tax revenue—over $23 million from this agreement will be directed toward infrastructure upgrades benefiting rural communities elsewhere across North Carolina.
Senator Caleb Theodros welcomed SMBC’s arrival: “Charlotte is a major center for international commerce… We look forward to supporting this great Japanese company as it puts down roots in our state.” Representative Becky Carney added: “We understand the complexities and needs of the financial services industry… We stand ready to help this company make connections and expand opportunities for people in our region.”
Accordingly,the Office of the Governor executes state laws as chief executive; leads policy through budgeting; serves as commander-in-chief of National Guard forces; appoints executive officials; grants pardons; and directs key initiatives across government.
