SMBC Plans to Triple Stake in Jefferies to 15%, FT Reports

Sumitomo Mitsui Banking Corp. plans to triple its stake in Jefferies Financial Group Inc., the Financial Times reported.

Japan’s second-biggest lender plans to raise its ownership to as much as 15% by buying shares on the open market, the newspaper said, citing people familiar with the matter.

The deal is part of a broader collaboration agreement, with Jefferies and SMBC working together to advise and lend to investment-grade companies globally, particularly in the US and Japan, according to the report.

SMBC didn’t immediately respond to a request seeking comment.

Sumitomo Mitsui Financial Group Inc., the parent of SMBC, ...