Seven & i plans to sell partial stake in Seven Bank to Itochu
The Japanese operator of the 7-Eleven convenience store chain is planning to sell part of its bank unit to major trading firm Itochu.
The plan by Seven & i Holdings is part of its strategy to focus on its core convenience-store business as it faces a takeover proposal. The bid comes from Alimentation Couche-Tard, the operator of Canada's leading convenience-store chain.
Sources say that Seven & i is making arrangements to sell part of its 46-percent stake in Seven Bank to Itochu. The shares involved come with voting rights.
The two firms are expected to determine the size of the stake through discussions. Seven & i aims to lower the ratio to under 40 percent, which would allow it to remove the bank from the group's consolidated accounting statements.
Seven Bank operates ATMs mainly at 7-Eleven stores. Itochu has the FamilyMart convenience-store chain under its umbrella. The ATMs in those stores are outsourced. The trading firm may replace the machines with those of Seven Bank.
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