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.
In April, it said it would buy a 49% stake in FE Credit, a consumer lender in Vietnam; then on June 28 confirmed the acquisition of a 4.99%
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
