Tokyo, Sept. 20 (Jiji Press)–Japan’s Sumitomo Mitsui Financial Group Inc. has said that it will additionally invest about 135 billion yen in Jefferies Financial Group Inc. of the United States. Sumitomo Mitsui’s equity stake in Jefferies will rise to up to 20 pct from the current 14.5 pct. The two groups will also set up in Japan a joint venture to integrate their wholesale Japanese equities operations, according to Sumitomo Mitsui’s announcement Friday. The new company, SMBC Nikko Jefferies Securities Inc., is expected to start operations in January 2027. SMBC Nikko Securities Inc., a fully owned unit of Sumitomo Mitsui, will own a majority of the joint company. Through the move, Sumitomo Mitsui aims to strengthen its operations related to large-scale global deals, in order to improve its competitiveness both in and outside Japan. About 400 to 500 SMBC Nikko Securities employees will be transferred to the new firm. Under its capital and business tie-up with Jefferies forged in 2021, Sumitomo Mitsui has been reinforcing its investment banking operations, such as mergers and acquisitions, in the United States. END [Copyright The Jiji Press, Ltd.]
Sumitomo Mitsui to Invest More in U.S. Partner Jefferies Financial
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