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sumitomo mitsui
financial group, inc.
A series of transactions between Goldman
Sachs and Sumitomo Mitsui Financial Group, Inc. (SMFG) demonstrated our long-term commitment to Japan and its financial markets.
The initiatives announced include Goldman Sachs' JPY 150.3 billion (approximately $1.25 billion) investment in the convertible preferred stock of SMFG, the provision by SMFG of credit loss protection for Goldman Sachs in connection with certain lending activities and greater cooperative business efforts. These transactions expanded SMFG's capital base and facilitated mutually beneficial business opportunities.
The transactions also build on a long and extensive relationship that includes former Sumitomo Bank's successful $500 million investment in the Goldman Sachs partnership in 1986.
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