Jefferies Financial Group (JEF) and Sumitomo Mitsui (SMFG) announced that they have signed a memorandum of understanding to further expand their global strategic alliance to now include enhanced collaboration across Europe, the Middle East and Africa, or EMEA, on future corporate and investment banking business opportunities. In support of the initial strategic alliance in 2021, SMBC provided $2.25B in financing to Jefferies and purchased approximately 4.5% of the issued and outstanding common shares of Jefferies. In April 2023 the alliance was further bolstered by SMBC announcing its intention to raise its economic ownership to up to 15% on an as converted and fully diluted basis, which would result in SMBC becoming one of Jefferies’ most significant shareholders.
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