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

Oct. 31 (Bloomberg) -- 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.

To contact the reporter on this story: Jeff Kearns in Washington at

To contact the editor responsible for this story: Chris Wellisz at

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