The Sumitomo Mitsui Financial Group will increase its stake in Jefferies.

The two companies stated in a declaration that Japan's second largest bank, Sumitomo Mitsui, will increase its stake in the American investment bank Jefferies from the current 15% to about 20%, but its voting rights will remain below 5%. Sumitomo Mitsui stated that they plan to pay 135 billion yen to increase their stake. Sumitomo Mitsui will provide Jefferies with a new credit line of approximately 2.5 billion USD to collaborate in areas such as structured financing in Europe and the United States. The two companies also agreed to establish a joint venture in Japan to conduct stock research, sales, trading, and stock capital market operations.