Sumitomo Mitsui Financial Sells JV Investment to Daiwa Securities

Skadden is representing Sumitomo Mitsui Financial Group Inc. in the sale of its 40 percent stake in their joint venture investment bank, Daiwa Securities SMBC, to Daiwa Securities Group, Inc. Daiwa currently holds 60 percent of Daiwa SMBC shares and is expected to acquire the remaining 40 percent from SMFG on December 31, 2009. The deal was announced September 10, 2009. Financial terms were not disclosed.