UPDATE 1-Sumitomo Mitsui to buy Sony leasing unit – Nikkei

Aug 17 (BestGrowthStock) – Sumitomo Mitsui Financial Group Inc’s
(8316.T: ) leasing unit is in final talks to buy the leasing
division of Sony Corp’s (6758.T: ) financial arm for an estimated
2 billion yen ($23.44 million), the Nikkei business daily
reported without citing any sources.

Under the expected scenario, Sony Finance will spin off its
leasing unit into a new company in which Sumitomo Mitsui
Finance will then pick up a stake of more than 60 percent, the
paper reported.

Sumitomo Mitsui Finance is the second-largest firm in value
terms in a Japanese leasing market that has been shrinking as
companies put the breaks on capital spending, making the space
ripe for a realignment, the daily said.
($1=85.32 Yen)
(Reporting by Himank Sharma in Bangalore; Editing by Anthony
Kurian and Vinu Pilakkott)

UPDATE 1-Sumitomo Mitsui to buy Sony leasing unit – Nikkei