The bank has a clear strategy focusing on consumer loans charging higher interest rates. That should help raise its profitability.
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Sumitomo Mitsui stock outperformed even after the offer was announced. That means investors are confident in the bank's business outlook.
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The sale is probably the last one by a major bank, making it positive for the banking stocks overall.
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Investors already learned about the recovery in Japan's banking industry and the Mizuho sale gives them another investment opportunity.
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That means Tokyo Star is seen as an average regional bank and that's why the shares fell below the offer price.
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