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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.

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