Japan's SMFG to buy 74.9% stake in Fullerton India for $2b

Photo: Pixabay

Sumitomo Mitsui Financial Group Inc, Japan’s second-largest lender by assets, said on Tuesday it would buy a 74.9% stake in Fullerton India for $2 billion, as the bank expands its business elsewhere in Asia amid low-interest rates at home.

Given a slow-growing domestic market, Japanese banks including SMFG have sought business opportunities outside the country, which faces an aging and shrinking population.

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