Sumitomo Mitsui Financial to Realign Credit Card Biz

Economy

Tokyo, Sept. 28 (Jiji Press)--Japanese megabank group Sumitomo Mitsui Financial Group Inc. <8316> said Friday that it will realign credit card businesses as cashless settlement services are expected to grow.

The holding company will gain full ownership of subsidiary Sumitomo Mitsui Card Co. by buying the 34 pct equity stake it does not own from NTT Docomo Inc. <9437> on April 1, 2019.

The transaction price was not disclosed.

At the same time, Sumitomo Mitsui Card will fully own Cedyna Financial Corp., the holding company's subsidiary that issues credit cards.

The major mobile phone carrier bought the 34 pct stake in Sumitomo Mitsui Card for 98 billion yen in 2005. The remaining 66 pct is held by Sumitomo Mitsui Financial.

[Copyright The Jiji Press, Ltd.]

Jiji Press