Sumitomo Mitsui Financial Group (SMBC) and its subsidiaries, including Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities, have signed a memorandum of understanding (MoU) with Jefferies Financial Group to create a wholesale equities joint venture (JV) in Japan.
This JV will merge the firms’ strengths across the global markets, encompassing:
Equity Capital Markets (ECM) within investment banking.
Equity sales and trading.
Equity research.
In a separate move, SMBC Group plans to significantly increase its economic stake in Jefferies to up to on a fully diluted basis, while retaining a voting interest of less than . This deepened relationship builds on the initial strategic alliance established by the two firms in 2021.
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