January 06, 2010

SMFG Likely To Issue Y800bn In Common Shares

Sumitomo Mitsui Financial Group Inc. plans to issue 800 billion yen in common shares this month and unwind at least 500 billion yen in cross-sharing to shore up its balance sheet, according to Nikkei. The issuance of common shares would be SMFG's second since last summer, aiming at preparing for stricter capital requirements as well as at securing funds for growth areas such as investment banking and Asian and other overseas operations.

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