Sumitomo Mitsui Financial Group Inc., Japan's second-biggest bank, said it's in talks to end a brokerage venture with Daiwa Securities Group Inc. after agreeing in May to buy $5.9 billion in assets from Citigroup Inc.
The companies said in separate statements that no final decision has been made.
Daiwa, Japan's second-biggest brokerage, will pay about ¥200 billion to buy Sumitomo Mitsui's 40 percent stake in their venture, the Nikkei newspaper reported earlier. Sumitomo Mitsui may lend Daiwa about ¥100 billion for the transaction, the report said, adding a decision on the deal may come as soon as next week.