NTT Docomo to acquire SBI Sumishin Net Bank in diversification push
TOKYO (Kyodo) -- Japan's largest mobile carrier NTT Docomo Inc. plans to acquire SBI Sumishin Net Bank to diversify its operations as growth slows in its core telecommunications segment, a source close to the matter said Thursday.
If the purchase goes ahead, NTT Docomo would join other major Japanese mobile carriers in shifting focus to non-core services such as cashless payments and reward point programs, which help retain customers in an increasingly competitive market. It is currently the only one without a bank in its group.
NTT Docomo, which holds the biggest share in the mobile carrier market, has lagged behind its rivals, KDDI Corp., SoftBank Corp. and Rakuten Group Inc., all of which operate their own financial institutions.
As of the end of March, Sumitomo Mitsui Trust Bank and SBI Holdings Inc. each held about 34 percent of SBI Sumishin Net Bank, which was listed on the Standard Market of the Tokyo Stock Exchange in 2023.
NTT Docomo aims to gain a majority stake in SBI Sumishin after acquiring all shares held by SBI Holdings and additional stakes from other investors, while Sumitomo Mitsui Trust will likely retain its shares, according to the source.
NTT Docomo has already acquired major online securities company Monex Inc. and financial firm Orix Corp.'s credit card loan business, now known as Docomo Finance Inc., in a bid to diversify its revenue sources.
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