By Reuters Staff
2 Min Read
TOKYO (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG), Japan’s second-largest lender by assets, reported a 8.4% drop in third-quarter net profit on Tuesday primarily due to an increase in credit-related costs.
FILE PHOTO: A woman walks past a sign board of Sumitomo Mitsui Banking Corporation, part of Sumitomo Mitsui Financial Group Inc (SMFG) outside its branch in Tokyo, Japan, January 27, 2017. REUTERS/Toru Hanai
SMFG posted a profit of 163.8 billion yen ($1.56 billion) for the three months through December compared with 178.9 billion yen in the year-ago period, according to Reuters calculations based on nine-month cumulative figures disclosed in an exchange filing.
December 23, 2020 | 12:03 am Font Size
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SUMITOMO Mitsui Financial Group, Inc. is looking to buy an Asian bank
and team up with a global lender on US dealmaking.
SUMITOMO MITSUI Financial Group, Inc. is seeking to buy an Asian lender and team up with a global investment bank on US dealmaking, signaling its expansion plans remain undeterred by the pandemic.
Japan’s second-biggest bank is “studying specific targets” in Vietnam, the Philippines and India, Chief Executive Officer Jun Ohta said in an interview. It wants to find a partner to underwrite equity and bond sales in the US and elsewhere, after the lender was unable to fully take advantage of a corporate financing boom this year, he said.
GLOBAL BUSINESS SUMMARY: Hitachi To Form Home Appliances Joint Venture
Wed, 16th Dec 2020 12:38
(Alliance News) - The following is a round-up of updates by global companies, issued on Wednesday and not separately reported by Alliance News:
Hitachi Ltd - Japanese conglomerate - Arcelik AS and Hitachi Global Life Solutions Inc sign a share purchase agreement to create a new joint venture company focused on global home appliances, excluding Japan. Hitachi GLS will establish a new firm and transfer its global home appliance business outside of Japan into it, with Arcelik then acquiring a 60% ownership of the new company. Both partners hope to establish this new joint venture in spring 2021, provided regulatory approval and other conditions are met. The transaction value of the deal is calculated to be USD300 million for the 60% stake.