Japanese bank Sumitomo Mitsui Financial Group has upped its stake in Jefferies to 20%, a move that will see the two banks do more with sponsor clients in Europe.

The Japanese lender will increase its holding in Jefferies from 15% to 20%, paying ¥135bn ($912m) for the stake, which will allow it a 5% voting interest, the banks said in a statement on 19 September.