Japan's Sumitomo bank set to invest in Barclays: report

AFP, June, 2008

TOKYO (AFP) — Japan's Sumitomo Mitsui Banking Corp. is close to a deal to invest 100 billion yen (930 million dollars) in the British bank Barclays, which has been hit by the credit crisis, a report said Friday.

The two banks are in the final stages of negotiations and plan to make an official announcement by the end of the month, the Nikkei business daily said.

As part of this capital tie-up, they will deepen their cooperation in Asia as well as in the asset management business, the newspaper said, without naming its sources.

The Japanese bank, a core unit of Sumitomo Mitsui Financial Group, will take a stake of several percent in Barclays by buying new shares, it said.

The two banks are also expected to consider personnel exchanges as well as...