Sumitomo Mitsui to invest $583m in SBI Holdings.

Sumitomo Mitsui, a Japanese multinational banking and financial services institution, agreed to invest $583m in SBI Holdings, a financial services company group based in Tokyo. The alliance will focus on providing online financial services for individuals including younger and mass-affluent customers, SBI said in a statement. The brokerage will use the funds to repay loans and enhance its fundraising base, which in turn will boost its capacity to do more mergers and acquisitions.