NEW YORK, Aug 12 (Reuters) - Jefferies Financial Group ( JEF )

said on Monday that Japan's Sumitomo Mitsui Banking Corp

(SMBC) has more than doubled its stake in the U.S. investment

bank to 10.9%, deepening an alliance dating back to 2021.

As part of the expanded ties, Toru Nakashima, the CEO of

Sumitomo Mitsui Financial Group ( SMFG ), SMBC's parent, joined

Jefferies' board of directors on Monday, the U.S. bank said in a

statement.

SMBC plans to increase its ownership of Jefferies to as much

as 15%, as flagged last year.

Under the partnership, Jefferies dealmakers take the lead on

mergers and acquisitions (M&A) and equity capital markets (ECM),

while SMBC bankers focus on corporate lending and

investment-grade debt issuance.

"There's an active and broad pipeline of M&A, ECM and

leveraged financing activities involving SMBC and Jefferies

working together," Jefferies President Brian Friedman told

Reuters. "There's been a good number of completed deals and more

in the pipeline."

SMBC's hefty balance sheet and its international client

roster have boosted Jefferies' involvement in overseas deals.

"In the few short years that our strategic alliance has

existed, it has already borne meaningful opportunities,"

Nakashima said in the statement.