Sumitomo Mitsui Financial Group Inc. is in the final stages of talks on a deal to acquire a controlling stake in Orix Credit Corp., a wholly owned consumer credit subsidiary of the Orix Group, according to sources close to the negotiations.
SMFG, a major banking group, is aiming to purchase the majority of Orix Credit's outstanding shares for ¥20 billion to ¥30 billion in a bid to strengthen its financing services for individual customers, the sources said, adding that both sides are nearing an agreement.