Sumitomo Mitsui Financial Group Inc, Japan’s second-largest lender by assets, plans to buy 5% of Jefferies Financial Group Inc shares for around 42 billion yen ($380.19 million), the Nikkei reported on Wednesday.
The move is part of SMFG’s effort to strengthen its securities business in the United States to tap strong demand for M&A deals and financing, Nikkei said.
SMFG, in a statement, confirmed that it is considering the capital tie-up with Jefferies and would make an announcement when the two companies agreed to a deal.
Japanese banks have been seeking business opportunities abroad as the country faces an ageing and shrinking population.
Sumitomo Mitsui Financial Group Inc, Japan’s second-largest lender by assets, plans to buy 5% of Jefferies Financial Group Inc shares for around 42 billion yen ($380.19 million), the Nikkei reported on Wednesday.
The move is part of SMFG’s effort to strengthen its securities business in the United States to tap strong demand for M&A deals and financing, Nikkei said.
SMFG, in a statement, confirmed that it is considering the capital tie-up with Jefferies and would make an announcement when the two companies agreed to a deal.
Japanese banks have been seeking business opportunities abroad as the country faces an ageing and shrinking population.
Source: Reuters.com