New JV to commence operations in January 2027, subject to regulatory approvals.

Sumitomo Mitsui Financial Group (SMBC Group), along with its subsidiaries SMBC, SMBC Nikko Securities, and Jefferies Financial Group, have signed a memorandum of understanding to deepen their global strategic alliance. Central to this expansion is the creation of a joint venture in Japan focused on wholesale Japanese equities. To further solidify the partnership, SMBC intends to increase its economic stake in Jefferies to up to 20% on a fully diluted basis This new entity, SMBC Nikko Jefferi