Shimane Bank, SBI Holdings to Form Capital, Biz Tie-Up
Matsue, Shimane Pref., Sept. 6 (Jiji Press)--Japanese regional lender Shimane Bank <7150> said Friday that it has agreed to form a capital and business partnership with online financial services giant SBI Holdings Inc. <8473>.
The SBI group will invest 2.5 billion yen in Shimane Bank to become its largest shareholder with a stake of 34 pct in terms of voting rights. Payments are set for Nov. 29.
The group will help the flagging regional bank, based in Matsue, Shimane Prefecture, western Japan, beef up earnings through cost cuts and financial management improvements.
"A new Shimane Bank starts today," bank President Yoshio Suzuki told a news conference.
"Now we're in the same boat," SBI Holdings Senior Managing Director Shunpei Morita said. "We'll realize change."
[Copyright The Jiji Press, Ltd.]