March 3, 2017 / 7:25 AM / 3 years ago

BRIEF-Japan's SMFG, Resona agree to combine regional lenders

March 3 (Reuters) - Sumitomo Mitsui Financial Group Inc and Resona Holdings Inc:

* Japanese banks Sumitomo Mitsui Financial Group (SMFG) and Resona Holdings Inc have agreed to merge their regional lenders, as they face tough market conditions that are expected to worsen in the future

* Under the agreement, the two banks will set up a holding company for their three regional lenders including Minato Bank Ltd and Kansai Urban Banking Corp

* Says the holding company will be a consolidated subsidiary of Resona Holdings

* Says effective April, 2018

* SMFG said separately it would sell 37.2 million of its shares in a secondary offering

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Further company coverage:[8545,T] (Beijing Headline News)

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