SMBC, Yahoo Japan to Tie Up in Online Banking Operations: Report
Posted on: Wednesday, 29 March 2006, 12:00 CST
By Kyodo News International, Tokyo
Mar. 29--TOKYO -- Sumitomo Mitsui Banking Corp. and Yahoo Japan Inc. are in final talks over a proposed capital and business alliance in online banking operations, a Japanese business daily reported Wednesday.
The partnership, the first between a megabank and a major Internet business, is expected to be announced by the end of the week at the earliest, the Nihon Keizai Shimbun said.
SMBC and Yahoo Japan are to set up a joint venture as early as this autumn to buy SMBC's entire stake in Japan Net Bank, a leading online bank owned 57 percent by SMBC, it said.
Yahoo Japan is to initially acquire a stake of 14 percent or so in the venture and eventually hike the figure to about 50 percent, it said.
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Source: Kyodo News International, Tokyo
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