Japan’s SBI Holdings, Fukushima Bank to form capital, strategic tie-up

Kabukicho, Tokyo, Japan. Photo: Fabrizio Chiagano

Japanese internet banking giant SBI Holdings Inc and Fukushima Bank Ltd will form a capital and strategic tieup, with SBI taking a 17.91% stake in the regional lender, the companies said on Monday.

Fukushima Bank will issue new shares to SBI for 222 yen each for a total investment of 1.11 billion yen ($10.17 million), making it the biggest shareholder in the lender.

The two financial companies will jointly establish offices where SBI‘s products such as investment trust and insurance are provided to Fukushima Bank‘s customers, while the companies will also develop new fintech-focused services, they said.

The future of Japan’s regional lenders is a focus for investors after years of negative interest rates and a declining population have sapped profits and raised questions about their ability to survive.

The news sent Fukushima Bank‘s shares up by their daily limit, or 32.9% higher, earlier in the session. The stock was last up 29.2%, while SBI Holdings fell 0.2%. The broader market was little changed.

SBI announced in September it would invest in Shimane Bank Ltd, a regional bank in western Japan.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.