Sumitomo Cuts Barclays Stake With $400m Sale

For Sale Sign

Sumitomo Mitsui Banking Corp (SMBC) has sold a $400m stake in Barclays, about half its holding in the British bank.

Reuters reports that SMBC said it sold 84.5m shares via an accelerated share placing. The shares were sold by Nomura, people familiar with the matter said.

SMBC said the share sale was for the 'capital efficiency' of its parent Sumitomo Mitsui Financial Group.

The sale cut Sumitomo’s stake to 0.66%.

The Telegraph reports that Barclays said at the time of the fundraising SMBC's investment would open the door to closer cooperation between the banks. In July 2010 they set up a joint private banking venture with Nikko Cordial Securities for wealthy customers in Japan, called SMBC Barclays Wealth Division.

Sumitomo cuts Barclays stake with $400 million sale

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