Latest news with #SBISumishinNetBank
Yahoo
5 days ago
- Business
- Yahoo
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yomiuri Shimbun
7 days ago
- Business
- Yomiuri Shimbun
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.
The Mainichi
7 days ago
- Business
- The Mainichi
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.
