Japan’s SMBC goes after China market

Megabank targets Chinese clients by upping its stake in Bank of East Asia. The deal looks reasonably priced at about ¥100 billion or about 1.2 times book.

Japan’s SMBC goes after China market

Sumitomo Mitsui Banking Corp. SMBC is targeting a toehold in the Chinese market by upping its stake in Bank of East Asia BEA for about 100 billion $951 million.

SMBC, the core lending unit of Japanese megabank SMFG, said in a statement on Friday that it has agreed to raise its stake in Hong Kong-listed BEA to about 17.5% from 9.6%.

If approved by regulators, the deal would...

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