Bloomberg News earlier reported that Sumitomo Mitsui would pay about 220 billion yen ($2 billion) for the holding, according to people familiar with the matter who asked not to be identified. Faced with weak growth prospects at home, Sumitomo Mitsui has been allocating resources to Asia’s emerging markets in recent years. Sumitomo Mitsui is looking for targets in Vietnam, Philippines and India, Chief Executive Officer Jun Ohta said in an interview in December. Sumitomo Mitsui in April agreed to buy a 49% stake in Vietnamese consumer lender FE Credit. Last month, the bank said it will buy a 4.99% stake in Rizal Commercial Banking Corp. of the Philippines for 4.48 billion pesos ($91 million).

Source: Mint July 06, 2021 05:39 UTC