Intellasia East Asia News – Sumitomo Mitsui Financial Group to take 10pct stake in SBI Holdings

Sumitomo Mitsui Financial Group Inc. said Thursday it will acquire a roughly 10 percent stake in Japanese internet financial giant SBI Holdings Inc. in a deal worth 79.6 billion yen ($585 million) to strengthen its online brokerage service.

Through the capital alliance, the two financial giants aim to expand their customer base by making use of SMFG’s wide customer base ranging from retail and corporate clients and of SBI Holdings’ younger customers.

In a rare deal for a Japanese banking group to acquire a stake in a major online brokerage, the two partners will expand their alliance from their agreement in 2020 to cooperate in the digital field which included SMFG’s acquisition of a stake in one of SBI Holdings’ subsidiaries.

In a statement, SBI Holdings said it will issue new shares to SMFG, the parent of Sumitomo Mitsui Banking Corp. one of Japan’s megabanks through a third-party allotment.

https://english.kyodonews.net/news/2022/06/080f1542d467-sumitomo-mitsui-financial-group-to-take-10-stake-in-sbi-holdings.html

 

Category: Japan


Print This Post

Source link

Latest

DStv Premiership midweek fixtures: What to expect from the ‘Big 3’

What more can we ask for from the DStv...

Commonwealth Games: Birmingham’s hosting ‘exceeded expectations’

Everybody from taxi drivers to the volunteers should be...

‘Pure evil’: Catfish victims tell of pain as sentence appealed

Another stalking survivor read an emotional statement about the...

Ahmad Dhani Ungkap Mimpi Terpendam, Ingin Duduk di DPR dan Bentuk Komisi Mirip KPK – Tribunnews.com

Laporan wartawan tribunnews.com, Danang Triatmojo TRIBUNNEWS.COM, JAKARTA - Musisi Ahmad Dhani punya mimpi terpendam. Suami Mulan Jameela ini ingin jadi wakil rakyat, menduduki kursi parlemen...

Intellasia East Asia News – N Korea to convene rubber-stamp parliament in September

<!-- --> North Korea’s rubber-stamp parliament will hold its next session in September where it is set to discuss new laws and other...

Intellasia East Asia News – Burma envoy becomes 4th ambassador to die in China in less than a year

<!-- --> Myanmar’s ambassador to China died suddenly on Sunday in the southwestern Chinese city of Kunming, according to an obituary in Myanmar...