Published:
Sumitomo Mitsui to acquire stake in China Post
Sumitomo Mitsui Banking Corp. will buy a 24 percent equity stake in China Post & Capital Fund Management Co.
The stake will be acquired from Beijing Chang'an Investment Group Co.
The Japanese bank said it aims to expand its asset management business in China where household financial assets are expected to increase. The acquisition was estimated to cost some 10 billion yen or US$123 million.
SMBC said it will send a non-full-time executive director to the Chinese firm and make China Post & Capital an equity method affiliate to be covered by its consolidated financial statements.
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