Sumitomo Mitsui Unveils $2.6 Billion Buyout Plan for Promise

Sumitomo Mitsui Financial Group Inc. said it will buy out Promise Co. for about 200 billion yen ($2.6 billion), betting that Japan’s second-biggest consumer lender will recover under the bank’s umbrella.

The country’s second-biggest bank by market value, which owns 21 percent of Promise, will buy existing stock through a tender offer and new shares by the end of the year, Sumitomo Mitsui said in a statement to the Tokyo Stock Exchange today.