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Finance

SMFG to take $1.4bn stake in Vietnam's biggest nonbank lender

Japan megabank hopes FE Credit will give it access to fast-expanding loan market

FE Credit's operating revenue has been growing at a double-digit pace every year. (Source photos by Tomoki Mera and screenshot from FE Credit's website) 

TOKYO -- Sumitomo Mitsui Financial Group announced on Wednesday it will acquire a 49% stake in Vietnam's biggest nonbank lender.

Sumitomo Mitsui will invest a maximum of 150 billion yen ($1.4 billion) in FE Credit as early as October.

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