Japanese megabank Sumitomo Mitsui Financial Group (SMFG) is holding advanced talks to acquire a 10 percent stake in SBI Holdings, «Nikkei» reported Tuesday.
In a deal potentially worth around 80 billion yen, or around US$587 million, SMFG is eyeing a 10 percent stake in SBI Holdings as a move to better target the securities business, «Nikkei» reported, adding SBI may consider a small investment in SMFG as well.
SBI Holdings’ unit SBI Securities is Japan’s largest online securities company, and it has a younger retail customer base, although it lags with the wealthier and corporate segments of the market, the report said.
«Bloomberg» reported that representatives of SMFG and SBI had said nothing had yet been decided. SMFG and SBI did not immediately return finews.asia’s emailed requests for comment.
