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.
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