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World's Strongest Banks: Sumitomo Mitsui Financial Group

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World's Strongest Banks: Sumitomo Mitsui Financial Group

Japan's third-biggest financial group, Sumitomo Mitsui Financial Group, took a $1 billion stake in Barclays in June. With minimal subprime losses and cash to spend, Sumitomo Mitsui probably has more deals ahead. In September, the bank considered taking a stake in Goldman Sachs (GS). It has enjoyed a close relationship with Goldman since the mid-1980s, when the U.S. bank took a stake in SMFG forerunner Sumitomo Bank, but so far no deal has been forthcoming.