PRESS RELEASE -- 30/09/11

JRI-America to establish Software Development Operation in Tralee

TRALEE, Friday, 30th SEPTEMBER, 2011: JRI America Inc.,today announced plans to establish a Software Development Operation in Tralee, Co. Kerry which may create up to 100 highly skilled positions over the next 5 years, with recruitment already underway for a number of positions. The operation will locate on the Kerry Technology Park in Tralee. 

JRI America, Inc., is a subsidiary of the Japanese IT financial services company, Japan Research Institute Ltd ("JRI"), which is the specialist IT subsidiary of Sumitomo Mitsui Financial Group ("SMFG"). SMFG which owns Japan's second-largest bank, Sumitomo Mitsui Banking Corporation ("SMBC") by asset size and a Fortune Global 200 company offers a broad range of financial services, primarily banking-related. The group is also engaged in leasing, securities, credit cards, mortgage securitization, venture capital and other credit related businesses and employs 61,555 people (as of the end of March 2011) worldwide and has a stated strategic objective of further global expansion.

The Tralee operation will support the group's Western Hemisphere IT operations including US, UK, Dubai and potentially other markets in due course. A range of functions including Java Software Development and Testing, Network Support, Data Centre Support, Testing and Helpdesk activities will be created. IDA Ireland worked closely with the company to secure this investment.

Making the announcement, Minister for Arts, Heritage and the Gaeltacht, Jimmy Deenihan T.D. said "Today's announcement by JRI America Inc to locate a software development operation in Tralee which will create highly skilled jobs is very welcome. This investment shows our capacity to provide an increasingly competitive, business‐friendly environment in which technology companies can grow and develop."

Commenting on the announcement, Michael O'Dea - President & Chief Operating Officer, JRI America, Inc. said "We are both excited and extremely pleased to open JRI America's Technology Development Centre in Tralee. Technology is a vital part of the foundation for SMBC that allows this Global Bank to deliver innovative, reliable products and services for our customers throughout the world. 

"We believe that Ireland offers our Company a unique opportunity where there is not only strong government support for innovation and business but also a deep pool of talented people with strong technical skills from which to build our team.

Mr O'Dea concluded by commenting that "We are looking for JRI America's Technology Development Centre to provide comprehensive technical skills, combined with the support for business development. The team in Tralee will be at the forefront of JRI America's objectives to develop innovative technology capabilities that stand us apart from the competition."

Commenting on the announcement, IDA CEO, Barry O'Leary said "This is a very significant investment in Ireland by a major Japanese bank which will create a substantial number of highly skilled positions in a hub location under the National Spatial Strategy, which is an important regional target for IDA. We are delighted that such a prestigious financial company has decided to set up in Ireland."

SMBC was an early entrant to the IFSC in Dublin in 1989 through the establishment of a wholly owned subsidiary, Sumitomo Mitsui Finance Dublin Ltd, to provide lending and asset financing services to corporate customers of the group.

About SMBC
Sumitomo Mitsui Banking Corporation (SMBC) was established in 2001 though the merger of Sakura Bank and Sumitomo Bank, the core financial institutions of the Mitsui Group and the Sumitomo Group, respectively, each with its own long history. SMBC as a core member of Sumitomo Mitsui Financial Group (SMFG), work together with other members of the Group to offer customers highly sophisticated, comprehensive financial services globally.

Regional Offices: 1,549 business locations in Japan, 34 overseas offices.

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