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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. 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.

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