{"id":1641,"date":"2023-04-28T22:58:12","date_gmt":"2023-04-29T02:58:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/jefferies-gets-boost-as-japans-smfg-expands-partnership-investment\/"},"modified":"2023-04-28T22:58:12","modified_gmt":"2023-04-29T02:58:12","slug":"jefferies-gets-boost-as-japans-smfg-expands-partnership-investment","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1641","title":{"rendered":"Jefferies gets boost as Japan’s SMFG expands partnership, investment"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A man walks past a branch of Sumitomo Mitsui Banking Corp (SMBC) Trust Bank in Tokyo, Japan September 5, 2017. REUTERS\/Kim Kyung-Hoon<\/span>
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By Jaiveer Shekhawat and Lananh Nguyen<\/p>\n

(Reuters) -Jefferies Financial Group Inc shares surged more than 5% on Thursday after Japan’s Sumitomo Mitsui (NYSE:) Banking Corp (SMBC) said it will combine its U.S. equity and M&A business with the U.S. investment bank. <\/p>\n

As part of a deal, SMBC’s parent, Sumitomo Mitsui Financial Group <\/span><\/span>, will expand its U.S. presence and boost its stake in Jefferies from 4.5% to as much as 15%, the companies said in a joint statement Thursday.<\/p>\n

“This will give us access to more, and larger, public companies,” Jefferies President Brian Friedman told Reuters. “This is hugely strategic and deeply long-term.”<\/p>\n

The deal gives SMFG the right to nominate a member of Jefferies’ board of directors. It expands collaboration between SMBC and Jefferies, which have worked together on cross-border mergers and acquisitions, healthcare and leveraged finance since 2021.<\/p>\n

The transaction will enable Jefferies to offer more lending capabilities, with the help of SMFG’s balance sheet, alongside its traditional advisory work. <\/p>\n

SMFG has long been eager to crack the U.S. and other major overseas capital markets. Its SMBC Nikko Securities unit, formerly Citigroup <\/span><\/span> Inc (NYSE:)’s Japanese broker and a key investment banking unit that SMFG bought in 2009, has a limited footprint abroad.<\/p>\n

SMFG’s bigger domestic rival, Mitsubishi UFJ (NYSE:) Financial Group Inc, has boosted its U.S. presence through a $9 billion investment in Morgan Stanley <\/span><\/span> (NYSE:) in 2008, which gave MUFG some 20% ownership of the Wall Street bank.<\/p>\n

The Financial Times first reported the news on SMBC and Jefferies.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A man walks past a branch of Sumitomo Mitsui Banking Corp (SMBC) Trust Bank in Tokyo, Japan September 5, 2017. REUTERS\/Kim Kyung-Hoon By Jaiveer Shekhawat and Lananh Nguyen (Reuters) -Jefferies Financial Group Inc shares surged more than 5% on Thursday after Japan’s Sumitomo Mitsui (NYSE:) Banking Corp (SMBC) said it will […]<\/p>\n","protected":false},"author":1,"featured_media":1642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-1641","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nJefferies gets boost as Japan's SMFG expands partnership, investment | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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