Docomo Set to Acquire Major Online Bank SBI Sumishin; Merger is Planned to Strengthen Docomo's Financial Services
Yomiuri Shimbun file photo
An NTT Docomo shop
NTT Docomo Inc. will acquire a majority stake in SBI Sumishin Net Bank Ltd., a major Japanese online bank, and make it a subsidiary, the company announced Thursday. The move is aimed at strengthening NTT Docomo's financial services through methods such as integrating SBI Sumishin Net Bank's functions with its smartphone payment service 'd payment,' according to sources familiar with the matter.
A decision on the acquisition was made at board meetings of NTT Corp., NTT Docomo's parent company, and SBI Holdings Inc, the parent company of SBI Sumishin Net Bank, on the same day.
NTT Docomo is the only one of Japan's four major mobile phone companies whose group does not include a bank, and its failure to keep up with its rivals in terms of financial business has been an issue for the company. President and CEO Yoshiaki Maeda has indicated plans to enter the banking industry through acquisitions and other means.
NTT Docomo has been strengthening financial services, such as investments and personal loans, as a pillar of its non-telecommunications business. By acquiring SBI Sumishin Net Bank, the company aims to enhance synergies between its existing services.
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