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SMBC Looks To Buy Out Promise Co.

Sumitomo Mitsui Banking Corp. is seeking to wholly own its consumer-finance affiliate Promise Co.

Sumitomo Mitsui Banking Corp. (SMBC) is seeking to wholly own its consumer-finance affiliate Promise Co., The Wall Street Journal reports. In a consolidation move, SMBC will pay nearly $1.30 million for the acquisition of the stake that it does not already hold.

The lender currently owns a 22 percent stake in Promise. SMBC is a Japanese core banking unit of Sumitomo Mitsui Financial Group.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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