Sumitomo Mitsui on Hunt for Asian Bank, U.S. Deals Partner
- Japan bank is studying targets in Vietnam, Philippines, India
- Seeks tie-up with global investment bank for underwriting: CEO
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Sumitomo Mitsui Financial Group Inc. is seeking to buy an Asian lender and team up with a global investment bank on U.S. dealmaking, signaling its expansion plans remain undeterred by the pandemic.
Japan’s second-biggest bank is “studying specific targets” in Vietnam, the Philippines and India, Chief Executive Officer Jun Ohta said in an interview. It wants to find a partner to underwrite equity and bond sales in the U.S. and elsewhere, after the lender was unable to fully take advantage of a corporate financing boom this year, he said.