Key Takeaways Jefferies and SMBC Group plan a joint venture in Japan to consolidate wholesale equities operations.SMBC Group will raise its economic ownership stake in JEF to up to 20% and provide a $2.5B credit facility.The alliance boosts JEF's Japanese ECM reach, global investor flow and financing flexibility.Jefferies (JEF) and Sumitomo Mitsui Financial Group, Inc. (SMFG) , along with Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively referred to as the SMBC Group), have si ...