Sumitomo Mitsui mulling 5% stake in U.S. financial firm Jefferies

Economy

Sumitomo Mitsui Financial Group Inc. is considering buying around a 5 percent stake in Jefferies Financial Group Inc. of the United States for some 40 billion yen ($362 million), sources familiar with the matter said Wednesday. The envisaged partnership with financial services company Jefferies would enable Sumitomo Mitsui to bolster its securities business in the United States at a time when the Japanese market is being saturated amid the graying of society. Sumitomo Mitsui said in a statement that it is considering a capital and business tie-up with Jefferies, adding that it will announce th...

Kyodo News

Kyodo News