Sumitomo to Acquire Unit from Citigroup

A global team of Skadden attorneys represented Sumitomo Mitsui Financial Group (SMFG) and its subsidiary Sumitomo Mitsui Banking Corporation (SMBC) in connection with its US$7.8 billion acquisition of Nikko Cordial Securities and related assets from Citigroup Inc. 

This transaction, announced on May 1, is significant for SMFG and SMBC as it is the first acquisition of one of the top Japanese securities firms by one of the major Japanese banks.