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Business deals

Japan bank SMFG dives deeper into digital finance with SBI deal

Alliance to target young clients with smartphone banking

Sumitomo Mitsui Financial Group is spending roughly half a billion dollars to buy a 9.91% stake in SBI Holdings.

TOKYO -- Sumitomo Mitsui Financial Group aims to overhaul digital banking and investment services, and capture a new generation of clients, through its new partnership with top Japanese online brokerage SBI Holdings.

By entering into the capital and business alliance, announced Thursday, SMFG looks to tear down barriers within the group and offer integrated services to more than 80 million customers. Collaboration between retail banking and investment operations is key to this strategy.

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