Fed Approves Sumitomo Buying 9.9% of Bank of East Asia Shares

The Federal Reserve said it approved an application by Sumitomo Mitsui Financial Group Inc. (8316) and Sumitomo Mitsui Banking Corp. to buy as much as 9.9 percent of the voting shares in The Bank of East Asia.

Both Sumitomo Mitsui firms are based in Tokyo, and Bank of East Asia is based in Hong Kong, the Fed said today in a statement released in Washington.

To contact the reporter on this story: Jeff Kearns in Washington at jkearns3@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.