NTT Docomo enters $2.9bn deal to buy SBI Sumishin Net Bank
Nippon Telegraph and Telephone (NTT) has revealed plans to acquire a majority stake in SBI Sumishin Net Bank through its mobile unit, NTT Docomo, as part of a business and capital tie-up with SBI Holdings.
Docomo will purchase nearly two-thirds of the online bank's outstanding shares, including the one-third held by SBI Holdings, for about Y420bn($2.9bn).
The remaining one-third is owned by Sumitomo Mitsui Trust Bank (SMTB).
SBI Sumishin Net Bank was established in September 2007 as a specialised internet bank joint venture between SBI Holdings and Sumitomo Mitsui Trust Bank (formerly Sumitomo Trust Bank).
After the tender offer, DOCOMO will hold 65.81% of the bank's shares, while SMTB will hold 34.19%, with each company having 50% voting rights.
The bank will become a consolidated subsidiary of DOCOMO.
SBI Sumishin Net Bank expects the tie-up to bring significant benefits, including growth in customer accounts and deposits, presence in the mortgage market through DOCOMO's network, and expansion in the Banking-as-a-Service (BaaS) sector.
At a press conference, NTT Docomo president Yoshiaki Maeda described SBI Sumishin as 'a bank with high-level digital technology and a stable business foundation.'
He said the company aims to 'provide more convenient and cost-effective financial services', marking its foray into the Banking space.
The deal is also expected to support NTT Docomo's efforts to grow its non-telecommunications business and expand its digital economy built around the 'd Point' reward programme.
Meanwhile, in January this year, SBI Holdings reportedly agreed to purchase an over 70% stake in Solaris, a German fintech company.
"NTT Docomo enters $2.9bn deal to buy SBI Sumishin Net Bank " was originally created and published by Retail Banker International, a GlobalData owned brand.
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