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). SMFG, the operator of one of Japan's megabanks, aims to strengthen its online brokerage service through its partnership with SBI Holdings. It is rare for a Japanese banking group to acquire a stake in a major online brokerage.
