SMBC to acquire 20% stake in Promise.

Japan Weekly Monitor, June, 2004

TOKYO, June 21 Kyodo

Sumitomo Mitsui Banking Corp. will acquire a 15 percent equity stake in Promise Co. by July 13 and eventually boost it to 20 percent, Sumitomo Mitsui Financial Group Inc., the bank's parent, and the major consumer finance company said Monday.

The capital tie-up to make SMBC the biggest shareholder in Promise is part of a business collaboration agreement between SMFG and the consumer finance firm, they said in a joint statement.

SMFG is the second of Japan's four major banking groups to conclude a capital tie-up with a consumer loan company after Mitsubishi Tokyo Financial Group Inc., which announced a deal in March to buy a stake of more than 15 percent in Acom Co.

Under the latest deal, SMBC will acquire 15...