March 3, 2017 / 7:00 AM / 3 years ago

Japan's SMFG, Resona agree to combine regional lenders

TOKYO, March 3 (Reuters) - Japanese banks Sumitomo Mitsui Financial Group (SMFG) and Resona Holdings Inc said on Friday they 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, they said in a statement. The holding company will be a consolidated subsidiary of Resona Holdings.

SMFG said separately it would sell 37.2 million of its shares in a secondary offering. (Reporting by Thomas Wilson; Editing by Stephen Coates)

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