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SMBC to buy 2% stake in Barclays for 500 million pounds

Thursday 26th June, 04:15 AM JST

TOKYO —

Sumitomo Mitsui Banking Corp said Wednesday it will acquire a 2% stake in Barclays Plc for around 500 million pounds (some $985 million).
   
The major Japanese and British banks have reached an agreement on the purchase of new Barclays shares, to be issued in early July, by the core banking arm of Sumitomo Mitsui Financial Group Inc.

© 2008 Kyodo News. All rights reserved. No reproduction or republication without written permission.

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1 Comments

  • MPLS2 at 10:09 AM JST - 26th June

    sounds quite expensive for only 2% of the company

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