Reported about 4 hours ago
Japan's Sumitomo Mitsui Banking Corp (SMBC) announced an investment of approximately $912 million in U.S. investment bank Jefferies, raising its stake from 14.5% to up to 20%. This move, deepening their alliance established in 2021, includes plans for a joint venture in Japan focusing on equity capital markets set to launch in January 2027. The investment is anticipated to boost SMBC's profits significantly by the fifth year, further enhancing its capabilities in the booming Japanese stock market.
Source: YAHOO