According to unnamed informed sources, Sumitomo Mitsui Financial Group (SMFG) is formulating plans for a possible acquisition of Jefferies.

SMFG has assigned a small team to ensure the group is prepared to act if a drop in Jefferies' stock price presents an opportunity. SMFG's banking unit holds a minority stake in Jefferies.

SMFG is not in a rush to act, and it is uncertain whether Jefferies' management would be willing to sell at a lower share price.

If market conditions or Jefferies' management do not permit a full acquisition, SMFG is prepared to shelve the plan.

"Jefferies is an important partner for us. We do not comment on hypothetical situations or market rumors," an SMFG spokesperson said.