Japan’s SMFG lifts Jefferies stake to boost investment banking ops #JapanFinance

TOKYO — Japan’s Sumitomo Mitsui Financial Group has more than doubled its stake in U.S.-based Jefferies Financial Group, looking to catch up with domestic rivals in the investment banking business.

SMFG now owns 10.9% of Jefferies, the American firm announced on Monday. This is up from the 4.5% stake the Japanese group initially purchased under a 2021 agreement.