Japan's Sumitomo Mitsui Financial Group is aiming to acquire at least a 20% stake in a US bank with a robust wholesale operation in a bid to strengthen its position in the world's leading economy, according to a top executive.

Sumitomo Mitsui's move highlights the acquisitiveness of Japanese financial institutions in overseas markets as profits continue to stagnate at home due to sluggish lending and low interest rates. The bank, second only to Mitsubishi UFJ Financial Group among Japanese lenders in terms of market capitalisation, has long been hoping to make a plum acquisition in the US. Two years ago, it considered snapping up embattled Washington Mutual and Wachovia.