Jefferies Financial Group announced that Japan’s Sumitomo Mitsui Banking Corp (SMBC) has increased its stake in the US investment bank to 10.9%, further solidifying their alliance that began in 2021. As part of the expanded relationship, Toru Nakashima, CEO of Sumitomo Mitsui Financial Group, SMBC’s parent company, has joined Jefferies’ board of directors. SMBC plans to increase its ownership to as much as 15%. Under the partnership, Jefferies leads in M&A and equity capital markets (ECM), while SMBC focuses on corporate lending and investment-grade debt issuance. This collaboration has already led to significant opportunities, with completed deals and more in progress, enhancing Jefferies’ involvement in international transactions through SMBC’s extensive client network.