Bloomberg News earlier reported that Sumitomo Mitsui would pay about 220 billion yen ($2.67 billion) for the holding, according to people familiar with the matter who asked not to be identified.
Sumitomo Mitsui Financial Group Inc. said it will buy a 74.9% stake in Fullerton India Credit Co., marking the first entry into the South Asian country’s retail financial business by a Japanese bank.
Japan’s second-largest lender will eventually acquire the rest of the Indian credit firm from Fullerton Financial Holdings Pte at a later stage, it said in a statement Tuesday, without providing terms of the transaction.
