Shares in Sumitomo Mitsui Financial Group, the Japanese bank, and smaller rival Daiwa Securities jumped today on news that the two are considering a merger to create a financial giant with more than $1 trillion (€782bn) of assets.

Shares in both companies were suspended in early trading in Japan today. Once trading resumed Daiwa shares jumped 5.3% to close at ¥740 with SMFG shares up 2.7% to ¥717,000.