Sumitomo Mitsui Financial Group to take 10% stake in SBI Holdings

© Kyodo News

Sumitomo Mitsui Financial Group Inc. said Thursday it will acquire a roughly 10 percent stake in Japanese internet financial giant SBI Holdings Inc. in a deal worth 79.6 billion yen ($585 million).

SMFG, the operator of one of Japan's megabanks, aims to strengthen its online brokerage service through its partnership with SBI Holdings.

It is rare for a Japanese banking group to acquire a stake in a major online brokerage.