Dec. 15, 2015, 3:27 AM
- After scooping up its European P-E financing business in June, Sumitomo Mitsui Financial Group (NYSE:SMFG) has agreed to buy General Electric's (NYSE:GE) Japanese leasing business for $4.8B.
- The deal is part of the conglomerate's plan to sell off about $200B of GE Capital assets (a move it hopes to largely complete by end-2016), as it distances itself from finance to focus on its industrial roots.
- Previously: GE sheds more finance assets (Dec. 09 2015)
Nov. 16, 2015, 2:57 AM
- The race to buy General Electric's (NYSE:GE) Japanese commercial-lending operation is nearing the finish line with two bidders remaining, sources told WSJ.
- The leasing arm of Sumitomo Mitsui Financial Group (NYSE:SMFG) and Shinsei Bank (OTCPK:SKLKY) submitted binding bids earlier this month and both will continue discussions for the business valued at nearly $5B.
- Media reports on Friday said GE was set to enter into exclusive talks with SMFG.
Nov. 13, 2015, 2:56 AM
- Sumitomo Mitsui Financial Group (NYSE:SMFG) is set to enter exclusive talks to buy General Electric's (NYSE:GE) Japan leasing business, the Nikkei reports, stating that SMFG's offer values the business at under ¥600B ($4.9B).
- As part of its global plan to unwind its financing division, GE placed the unit up for sale earlier this year, and several Japanese financial institutions expressed interest.
Mar. 31, 2015, 6:54 AM
- Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
- The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
- In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
Dec. 25, 2014, 3:14 AM
- Sumitomo Mitsui (NYSE:SMFG) has announced that it will buy Citigroup's (NYSE:C) Japanese retail banking operations to expand services for wealthy individuals in the country.
- The deal, which includes ¥2.4T ($20B) in deposits, 740K customers and 32 branches, is expected to close in October.
- Previously: Timeline disclosed for SMBC, Citi deal (Dec. 24 2014)
Dec. 24, 2014, 2:30 AM
- Sumitomo Mitsui (NYSE:SMFG) will buy Citigroup's (NYSE:C) Japanese retail banking operations in October for about ¥40B ($332M), Reuters reports, outlining a date for the long-awaited sale. Sumitomo Mitsui will announce the deal tomorrow.
- Citi is looking to exit 11 consumer-banking markets with poor returns, including Japan, as it looks to focus on corporate and investment banking, markets and transaction services.
Sep. 12, 2014, 6:43 AM
- As banks weigh in their bids for Citigroup's (NYSE:C) Japanese retail banking operations, the U.S. bank announced that it was looking to sell its Japanese Diners Club card business along with the unit.
- Citigroup's Japanese retail business has some 3.6T yen ($33.6B) in deposits, of which almost 2T yen is dollar-denominated, attracting Japanese banks seeking foreign currencies.
- Ten banks, including Mitsubishi UFJ Financial (NYSE:MTU), Mizuho Financial (NYSE:MFG), Sumitomo Mitsui Financial (NYSE:SMFG), Resona (OTCPK:RSNHF), Sumitomo Mitsui Trust (OTCPK:SUTNY) and Shinsei Bank (OTCPK:SKLKY) have all submitted preliminary bids.
Mar. 24, 2014, 12:32 PM
- Sumitomo Mitsui Financial Group (SMFG -1.8%) has held discussions with Royal Bank of Scotland (RBS +2%) about purchasing RBS's U.S. retail operation - RBS Citizens - reports the WSJ. Citizens has nearly 1.4K branches and $122B in assets across 12 states, and its sale would be among the largest U.S. deals since the crisis, and one of the largest-ever purchases of a U.S. bank by a foreign company.
- Citzens is a coveted target by acquisitive banks (TD has been rumored to have great interest), but RBS - despite being under heavy U.K. government pressure to raise capital - has been a reluctant seller. That attitude is starting to change, says the Journal, with new CEO Ross McEwan saying he wants to refocus the bank on its core U.K. market.
- The current plan is for an IPO of part of Citizens later this year to raise in the area of $10B, with a full exit by the end of 2016.
Apr. 19, 2012, 4:09 AM
ING (ING) is hawking its Asian asset-management division, Bloomberg reports, with potential bidders including BNY Mellon (BK), Sumitomo Mitsui (SMFG) and Invesco (IVX). An analyst reckons the ops are worth around €500M ($655M), although ING might try to sell the unit together with its Asian insurance arm.| Apr. 19, 2012, 4:09 AM
Jan. 17, 2012, 8:59 AM
Well-capitalized banks, the near-record strength of the yen, and few avenues of growth at home mean Sumitomo's (SMFG) purchase of RBS's aircraft-leasing business might be the first of several European asset acquisitions by Japanese banks. Also, taking a close look at the stream of potential deals flowing through boardrooms is Mizuho Financial (MFG).| Jan. 17, 2012, 8:59 AM
Jan. 17, 2012, 4:46 AM
Jan. 16, 2012, 3:07 PM
Jan. 5, 2012, 5:24 AMChina Development Bank and Japan's Sumitomo Mitsui (SMFG) are the finalists in an auction for RBS's (RBS) aircraft leasing unit in a transaction that could be worth up to $7.5B, Reuters reports. With Wells Fargo (WFC) and a Macquarie (MQBKY.PK) led group dropping out, RBS could disclose the winner next week. | Jan. 5, 2012, 5:24 AM
Nov. 28, 2011, 8:21 AMRBS (RBS +8%) is examining final bids for its aircraft leasing business, which could fetch up to $8B, Reuters reports. Those in the running for RBS Aviation Capital are China Development Bank, Wells Fargo (WFC), Sumitomo Mitsui (SMFG) and a Macquarie-led consortium (MQBKY.PK). | Nov. 28, 2011, 8:21 AM