Sumitomo Mitsui Bank To Tender Offer For Promise

Sumitomo Mitsui Finanacial Group, Inc. (SMFG), one of the major banking groups, announced that Sumitomo Mitsui Banking Corporation (SMBC), SMFG's banking unit, made a tender offer for shares of Promise Co., Ltd., a listed consumer loan company, and subscribed the shares issued by Promise through a Third-Party Allotment. The tender offer price is set at 780 yen, a 29.6% premium over a 3-month average. As SMBC is the largest shareholder (21%) in Promise, SMFG will make Promise a wholly-owned subsidiary through these transactions.