Additional shares of Hong Kong-based Bank of East Asia are actively being sought out by finance mammoth Sumitomo Mitsui.

There is an estimated $955 million (USD) at stake in what would become the largest investment made by Sumitomo Mitsui outside of Japan and put Sumitomo Mitsui on the map as one of the most profitable firms in the world. 

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The Japanese lender is hoping to increase profits from outside of Japan by making this move involving nearly one billion dollars. A non-binding memorandum of understanding was signed by the corporation to buy over 200 million new Bank of East Asia shares to raise its ownership from nearly 10 percent to almost 18 percent in total, according to the website for the Tokyo-based investment firm.

Once a definitive agreement is signed, the purchase price will then be determined once it is considered legally binding.

Nearly two years after Sumitomo Mitsui spent over $400 million to double its stake in the Bank of East Asia, this latest move by the financial giant will be certain to increase its profits in the long run.

Japan's three largest megabanks include Sumitomo Mitsui Financial Group which is the SMBC's parent company.

Given that domestic interest rates have been on the decline, Sumitomo Mitsui is hoping to accelerate efforts to boost lending overseas within foreign markets.

In a recent telephone interview with Bloomberg News, Yoshinobu Yamada, a financial analyst at Deutsche Bank AG in Tokyo, Japan, mentioned some of the ways that Sumitomo Mitsui plans to expand business and ultimately its profits.

"SMFG is aiming to increase its exposure to Chinese business. One of Bank of East Asia's main advantages is that 40 percent of its lending is from mainland China," he said.