Governor Josh Stein announced on Apr. 7 that SMBC Group, a major Japanese financial institution, will establish its second U.S. headquarters in Charlotte, creating 2,000 jobs over six years and investing $50.5 million in Mecklenburg County.
The move is significant for North Carolina’s economy as it brings one of Japan’s largest banking groups to the state and adds to the region’s reputation as a banking center. The project is expected to support the growth of multiple business units for SMBC and expand its talent diversity.
“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.”
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. 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.” Lee Lilley, North Carolina Commerce Secretary added: “Charlotte is the premier destination for world-class financial services companies like SMBC to find talent and drive growth. 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.”
The average salary for these new positions 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; it also projects an estimated return on investment of 170 percent.
Because Mecklenburg County is classified as Tier 3 by state economic standards, part of JDIG funds—$23 million—will go toward infrastructure upgrades supporting rural communities through North Carolina’s Industrial Development Fund – Utility Account.
N.C. Senator Caleb Theodros said: “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.” N.C Representative Becky Carney stated: “We understand complexities… everyone welcomes SMBC. We stand ready help this company make connections expand opportunities people region.”
Multiple organizations partnered on this project including local colleges and economic development agencies.
