Hope Bancorp, Inc. announced that its wholly-owned subsidiary, Bank of Hope, has received all regulatory approvals required to complete its previously announced acquisition of the Commercial Banking Unit of SMBC MANUBANK (“MANUBANK”), a wholly owned subsidiary of SMBC Americas Holdings, Inc. and Sumitomo Mitsui Banking Corporation (“SMBC”). The approvals were granted by the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation — the two regulators with jurisdiction over the California-chartered institutions involved. The transaction is expected to close early in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions.

“Receiving all necessary regulatory approvals marks a significant milestone toward completing this strategic transaction,” said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp. “We are excited about the opportunity to welcome the MANUBANK team and customers to Bank of Hope later this year. This acquisition will bring together two highly complementary organizations, diversify our deposit franchise, strengthen our commercial banking capabilities and expand our presence in the Greater Los Angeles market.”

The deal is a notable example of a foreign bank retrenching from U.S. retail and commercial operations while a domestic community bank seeks scale in its home market. Hope Bancorp, headquartered in Los Angeles, is the holding company for Bank of Hope, a community bank with roots serving Korean-American and broader multicultural communities, and the acquisition deepens its footprint in Greater Los Angeles.

In addition to the acquisition, Bank of Hope and SMBC have entered into a collaboration and partnership agreement. Under the agreement, Bank of Hope will provide commercial and consumer banking services to SMBC’s Japan-based middle market and retail customers seeking banking services in the United States. The agreement will become effective upon the closing of the transaction. The partnership gives Bank of Hope a referral channel to Japanese corporate and retail clients of one of Japan’s largest banking groups without requiring SMBC to maintain a U.S. middle-market presence itself.

“Our partnership with SMBC will enable us to support the banking needs of Japanese commercial and retail customers in the United States, while broadening our multinational reach and supporting long-term growth,” continued Kim. “I want to thank our colleagues at Bank of Hope and MANUBANK for their dedication and collaboration in bringing us to this important stage. We look forward to completing the transaction and beginning the integration process.”

Following the early fourth-quarter 2026 expected close, the next steps for the company are satisfying remaining customary closing conditions and beginning the integration of MANUBANK’s team, customers, and deposits into Bank of Hope.

Source: GlobalFinTechSeries