Japan's SMFG lifts Jefferies stake to boost investment banking ops

Financial group chases domestic peers in key business segment

20240813N Jefferies

SMFG first agreed to purchase a stake in Jefferies Financial Group in 2021 as part of a strategic partnership. © AP

YUKI NAKAMURA, Nikkei staff writer

TOKYO -- Japan's Sumitomo Mitsui Financial Group has more than doubled its stake in U.S.-based Jefferies Financial Group, looking to catch up with domestic rivals in the investment banking business.

SMFG now owns 10.9% of Jefferies, the American firm announced on Monday. This is up from the 4.5% stake the Japanese group initially purchased under a 2021 agreement.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.