TOKYO -- Sumitomo Mitsui Financial Group on Tuesday announced it will acquire one of India's largest nonbank lenders for around $2 billion. The deal will give Sumitomo Mitsui a 74.9% stake in Fullerton India Credit Co. and is part of the Japanese bank's effort to expand across Asia. The company has already invested in several financial institutions in Vietnam and the Philippines this year. Sumitomo Mitsui will acquire the stake from Singaporean investment company Temasek, pending regulatory approval, and said it aims to eventually acquire the remaining stake in Fullerton.
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