December 5, 2012 / 1:16 AM / in 5 years

Sumitomo Mitsui raises stake in Bank of East Asia for $426 mln

HONG KONG, Dec 5 (Reuters) - 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 expansion plans.

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)

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