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Sumitomo Mitsui to Buy 10% of Japan’s Top Online Broker

  • SBI to raise $583 million from share sale to Japanese megabank
  • Alliance to focus on digital financial services to individuals
Inside SBI’s head office in Tokyo.

Inside SBI’s head office in Tokyo.

Photographer: Kiyoshi Ota/Bloomberg
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Sumitomo Mitsui Financial Group Inc. has agreed to take a 10% stake in SBI Holdings Inc., cementing an alliance between two of Japan’s most prominent financial firms that will center on digital services. 

SBI, which runs Japan’s largest online brokerage, said it will raise 79.2 billion yen ($583 million) from a share sale through a third-party allotment to Sumitomo Mitsui, a regulatory filing showed Thursday.