SMFG prices largest-ever Japan bank equity offering

The Japanese megabank raises $8.2 billion and boosts its capital ratios following the Nikko Cordial Securities acquisition and losses in the past financial year.

In a move that was either brilliantly timed or very lucky -- or more likely a bit of both -- the smallest of Japan's three megabanks by assets, Sumitomo Mitsui Financial Group SMFG yesterday raised 803 billion $8.2 billion from a sale of new shares, which could increase to 923 billion $9.4 billion if the greenshoe is exercised in full, just as the markets look set to turn down after a long rebound.

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