Sumitomo Mitsui Financial Group is to buy a 74.9% stake in the Indian credit firm Fullerton India Credit, a holding of the Temasek sovereign wealth vehicle in Singapore, for about ¥220 billion ($2 billion) in a deal that is not only a first for the Japanese group but all of Japan.
The bank, which at a group level is usually known as SMBC (for Sumitomo Mitsui Banking Corporation, a subsidiary of SMFG), has been in an acquisitive frame of mind all year.
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