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Japan's SMFG to boost stake in Jefferies to as much as 15%

Banking group deepens ties with U.S. investment bank to chase rivals

New York-based Jefferies Financial Group is getting a large additional investment from Sumitomo Mitsui Financial Group.   © Reuters

TOKYO -- Sumitomo Mitsui Financial Group plans to raise its stake in American investment bank Jefferies Financial Group, perhaps tripling it to 15%, SMFG said Thursday, looking to bolster its acquisition advisory services in the U.S.

The Japanese group, through subsidiary Sumitomo Mitsui Banking Corp., will acquire $876 million in nonvoting preferred shares by 2025. If SMBC's stake passes 10%, it will designate someone to Jefferies' board of directors.

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