HONG KONG Dec 5 Sumitomo Mitsui Financial
Group's core banking unit will pay HK$3.3 billion ($426
million) to lift its stake in the Bank of East Asia Ltd
, a move that will help the Hong Kong-listed bank fund
Sumitomo Mitsui Banking Corp will raise its stake to 9.50
percent from 4.73 percent, by buying 111.57 million new shares
at HK$29.59 per share, Bank of East Asia said in a filing to the
Hong Kong bourse.
The issue price represented a 0.37 percent discount to the
stock's previous close.
($1 = 7.7500 Hong Kong dollars)
(Reporting by Donny Kwok; Editing by Edwina Gibbs)