Japan's Sumitomo Mitsui to acquire 5% stake in Jefferies for $380m

Pedestrians walk past a Sumitomo Mitsui Banking Corp. branch in Tokyo, Japan, on Monday, Jan. 26, 2015. Photographer: Tomohiro Ohsumi/Bloomberg

Sumitomo Mitsui Financial Group Inc plans to buy 5% of Jefferies Financial Group Inc shares for about $380 million, seeking to strengthen its securities business in the United States, two sources familiar with the matter said.

Japan’s second-biggest lender by assets said in a statement it was considering capital ties with New York-based Jefferies and would make an announcement when a deal was agreed.

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