Sumitomo Mitsui Banking in talks with BEA on tie-up plan

Sumitomo Mitsui Banking Corp, a subsidiary of Japan's Sumitomo Mitsui Financial Group Inc, is in talks with Bank of East Asia Ltd (BEA)<23> on forming a business alliance, as per industry sources.

The move is in line with Sumitomo Mitsui Banking's efforts to enhance presence in Asian markets, according to spokesperson of the Japanese lender. However, no final agreement has been reached yet.

The spokesperson declined to disclose detailed information on the business tie-up.

BEA, the largest independent local bank in Hong Kong, rose 3.24% to HK$15.28 on Monday.