Sumitomo Mitsui Financial Group, a company that manages financial operations, agreed to acquire a 49% stake in FE Credit, a consumer finance firm in Vietnam, from VP Bank, an internationally active private bank, for $1.38bn. Through the transaction, by leveraging the know-how and expertise SMBC has accumulated in the consumer finance sector in Japan and other Asian countries, SMBC Group aims to accelerate its growth strategy in Asia and work together with FE Credit to contribute to the further development of Vietnam’s financial sector.