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Investing.com -- Sumitomo Mitsui Financial Group’s main banking unit plans to increase its economic ownership in Jefferies to up to 20% through open market purchases as part of an expanded alliance between the two financial institutions.
Despite the increased stake, Sumitomo Mitsui Financial Group (SMFG) will continue to maintain less than 5% voting interest in Jefferies.
As part of the agreement, SMFG will extend approximately $2.5 billion in credit facilities to Jefferies, further strengthening their financial relationship.
The companies also announced plans to establish a joint venture focused on equity business in Japan. This new venture is scheduled to begin operations in January 2027.
This expanded partnership represents a significant deepening of ties between the Japanese banking giant and the American financial services company.
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