Sumitomo Mitsui Financial Group (TYO:8316) will partner with two US private equity firms in managing about $3.5 billion in funds to be channeled to European mergers and acquisitions, Nikkei Asia reported Tuesday, citing sources familiar with the matter.
The Japanese banking group has created separate funds with Bain Capital and Munich & Co., each totaling about $1.76 billion, the report said.
The funds will lend mainly to the group's European client, according to the report.
Together, the two funds will create the biggest credit facility involving a Japanese financial group in Europe, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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