Sumitomo Mitsui Financial Group, one of the big three Japanese banking groups, is in the process of increasing its stake in Hong Kong’sBank of East Asia .
The decision to increase its stake from 4.5 per cent to 9.9 per cent could be seen as an attempt by Sumitomo Mitsui’s to gain exposure to China by means of Bank of East Asia – with a big, profitable presence on the mainland – when fraught relations between Japan and China make that difficult.
Executives at both banks say the deal has been in progress for months and has more to do with personal connections between senior ranks at Sumitomo Mitsui and David Li, who has presided over Bank of East Asia for many years.
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