The deal is expected to draw interest from global private equity firms.
SMFG, like other Japanese lenders, has been stepping up overseas investments in the past few years as it continues to face razor-thin margins at home.
The Japanese megabank looks to chart a different path from its bigger rivals.
IPOs & Markets
Depending on market conditions, the timing could be further pushed as far back as summer 2020.
It would also mark a swift exit by Bain - the firm had previously flagged it was looking for an IPO within three years.
SMFG has been trying to build a bigger presence in emerging Asia economies, which it hopes will become its next major market besides Japan.
The other institutions are Mizuho Financial Group Inc, Deutsche Bank AG and the SMBC Nikko Securities Inc unit.
Missing the end-March deadline for the sale of the chip unit to the Bain consortium gives Toshiba the option of walking away without penalties.
The bulking up of asset management overseas by Japan's largest private-sector life insurer comes as the nation's insurers are increasingly shifting mo
© Copyright DEALSTREETASIA 2014-2019 All rights reserved.
Forgot your password?
We will never share your information with third parties.
Already have an account? Sign in here
If you don’t already have an account click the button below to create your account.
Unlock your competitive advantage in a
rapidly evolving landscape. Our packages
come with exclusive access to archive
content, data, discount on summit tickets & more.
Be a part of our growing community now.