Sumitomo Mitsui Financial Group Inc., Japan's second-largest, plans to form an investment banking unit by hiring bankers from Citigroup Inc., including Masuo Fukuda and Taro Hayashi, it said Monday.

Fukuda, a co-head of global banking at Nikko Citigroup Ltd., and Hayashi, a co-head of capital markets origination there, are to join Sumitomo Mitsui's Nikko Cordial Securities Inc. on Oct. 1, the company said in an e-mailed statement.

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