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.
