TOKYO -- Japan's Sumitomo Mitsui Financial Group is in final talks to acquire about a 10% stake in SBI Holdings with the aim of boosting their securities businesses, Nikkei has learned, in a deal that could be worth around 80 billion yen ($587 million).
As a traditional megabank group, SMFG has a solid corporate customer base in Japan, while relatively new SBI has plenty of young retail customers. Combining their strengths, the two companies are seeking to deepen penetration in the domestic market.
