Sumitomo Mitsui Banking Corporation, a commercial banking subsidiary of SMFG and one of the largest banks globally on the basis of total assets, completed the acquisition of a minority stake in Jefferies Financial Group, a leading, global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research and wealth management services, for $3.4bn. "This will give us access to more, and larger, public companies. This is hugely strategic and deeply long-term," Brian Friedman, Jefferies President.