SMFG to buy 4.5pc stake in Kotak Mahindra Bank
Thursday, 1 July 2010
NEW DELHI, June 30 (Reuters): Sumitomo Mitsui Financial Group (SMFG) said it has agreed to buy a 4.5-per cent stake in Kotak Mahindra Bank for $296 million, as Japan's No 3 bank steps up efforts to expand its overseas operations.
SMFG and other major Japanese banks are seeking partnerships with local banks in Asian countries as growth prospects at home are weak, hoping this will expand their overseas customer base beyond Japanese clients working abroad.
SMFG has tie-ups with local banks in Hong Kong, South Korea, Indonesia and other Asian markets, including a 15-per cent stake in Vietnam Export Import Bank.
SMFG and other major Japanese banks are seeking partnerships with local banks in Asian countries as growth prospects at home are weak, hoping this will expand their overseas customer base beyond Japanese clients working abroad.
SMFG has tie-ups with local banks in Hong Kong, South Korea, Indonesia and other Asian markets, including a 15-per cent stake in Vietnam Export Import Bank.