Japan's Sumitomo Mitsui in final talks for 10% stake in SBI Holdings

REUTERS/Yuriko Nakao

Japan’s Sumitomo Mitsui Financial Group (SMFG) is in final talks to take a 10% stake in SBI Holdings, the Nikkei business daily reported on Tuesday, in a transaction likely to cost more than 60 billion yen ($443 million).

The deal, which aims to reinforce their securities businesses domestically, will see SBI issue new shares, Nikkei reported, adding that SBI may also take a small stake in SMFG.

SMFG was not immediately available for comment.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

This is your last free story for the month. Register to continue reading our content