Sumitomo Mitsui Financial Group Inc. said Monday it signed an agreement with Hong Kong's Bank of East Asia Ltd. to cooperate in developing their businesses in China, Hong Kong and Japan.
Sumitomo Mitsui will use Bank of East Asia's branch network in Hong Kong and China to support Japanese companies in the region, both lenders said in a statement.
Bank of East Asia, Hong Kong's third-biggest by assets, will tap Sumitomo Mitsui to serve customers in Japan, according to the statement.
Sumitomo Mitsui has 416 branches in Japan, while Bank of East Asia has more than 130 outlets in Hong Kong, the statement said.