Deals
Japan’s SMFG Nears $2 Billion Deal for Fullerton India
- SMFG to eventually buy the rest of the Indian credit firm
- Japanese bank is actively looking for deal targets in Asia
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Sumitomo Mitsui Financial Group Inc. will buy a 74.9% stake in Fullerton India Credit Co. for about $2 billion, marking the first entry into the South Asian country’s retail financial business by a Japanese bank.
Japan’s second-largest lender will eventually acquire the rest of the Indian credit firm from Fullerton Financial Holdings Pte, it said in a statement Tuesday, confirming an earlier Bloomberg News report.