Sumitomo Mitsui Financial Group Inc. shares tumbled the most in almost a year after its banking subsidiary was reported to have a big exposure to Market Financial Solutions Ltd., whose collapse in the UK has hit several financial firms.
Sumitomo Mitsui Financial Group Inc. shares tumbled the most in almost a year after its banking subsidiary was reported to have a big exposure to Market Financial Solutions Ltd., whose collapse in the UK has hit several financial firms.
The shares of Japan’s second biggest lender fell as much as 8.3%, the most since April last year, before recovering some losses. Its decline outpaced the price tumble across the sector, with shares of domestic rivals Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. both down by more than 5%, while Japan’s Topix banking index is also lower by more than 6%.