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Thursday, April 29, 2021, 09:17 GMT+7
FE Credit s logo is seen atop an office building in Vietnam. Photo: Tuoi Tre
TOKYO Sumitomo Mitsui Financial Group Inc will invest up to 150 billion yen ($1.38 billion) in Vietnam’s biggest non-bank lender FE Credit, a spokesman said on Wednesday, as part of a strategy to look beyond a slow-growing domestic market.
SMFG, Japan’s second biggest lender by assets, said in a statement its consumer finance unit would acquire a 49% stake in FE Credit.
The Vietnamese firm’s valuation was $2.8 billion, its parent company said in a separate statement.
The deal, which was reported by the
By Reuters Staff
(Adds investment amount, background)
TOKYO, April 28 (Reuters) - Sumitomo Mitsui Financial Group Inc will invest up to 150 billion yen ($1.38 billion) in Vietnam’s biggest non-bank lender FE Credit, a spokesman said on Wednesday, as part of a strategy to look beyond a slow-growing domestic market.
SMFG, Japan’s second biggest lender by assets, said in a statement its consumer finance unit would acquire a 49% stake in FE Credit. The Vietnamese firm’s valuation was $2.8 billion, its parent company said in a separate statement.
The deal, which was reported by the Nikkei newspaper earlier, comes as SMFG has sought to expand its business in Southeast Asia, given the ultra-low rate environment and shrinking population at home.
By Reuters Staff
(Adds investment amount, background)
TOKYO, April 28 (Reuters) - Sumitomo Mitsui Financial Group Inc will invest up to 150 billion yen ($1.38 billion) in Vietnam’s biggest non-bank lender FE Credit, a spokesman said on Wednesday, as part of a strategy to look beyond a slow-growing domestic market.
SMFG, Japan’s second biggest lender by assets, said in a statement its consumer finance unit would acquire a 49% stake in FE Credit. The Vietnamese firm’s valuation was $2.8 billion, its parent company said in a separate statement.
The deal, which was reported by the Nikkei newspaper earlier, comes as SMFG has sought to expand its business in Southeast Asia, given the ultra-low rate environment and shrinking population at home.
UPDATE 2-Japan s SMFG to invest up to 150 bln yen in Vietnam s FE Credit reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.