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Japan's SMFG to buy 5% stake in Jefferies for $380m

Financial group plans to strengthen securities business in US

SMFG's subsidiary Sumitomo Mitsui Banking Corporation will acquire shares in Jefferies from the market. (Source photos by Reuters/AP)

TOKYO -- Japan's Sumitomo Mitsui Financial Group will invest about 42 billion yen ($380 million) for a stake of roughly 5% in U.S. securities company Jefferies Financial Group, Nikkei learned on Wednesday.

SMFG plans to strengthen its securities business in the U.S., owing to the countries dynamic environment for mergers and acquisitions as well as financing. It will also focus on connecting Japanese companies to overseas counterparts.

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