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...

To continue reading, please login or register for free

Click for more on: japan | banks | fig | acquisitions | hong kong | smfg | bank of east asia

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...