Shimizu Bank to Tie Up with SBI Holdings

Economy

Tokyo, Feb. 18 (Jiji Press)--Shimizu Bank <8364> said Tuesday that it will form a capital and business tie-up with major Japanese online financial services firm SBI Holdings Inc. <8473>.

They will hold shares in each other, with SBI acquiring an equity stake of up to 3 pct in the regional bank based in the central Japan city of Shizuoka.

Through the tie-up, Shimizu Bank aims to survive in the tough business environment marked mainly by ultralow interest rates in the country.

SBI is moving to form a coalition with regional banks through capital and business alliances.

Shimizu Bank will be the fourth bank to join the SBI initiative. The other three are Shimane Bank <7150> in Shimane Prefecture, western Japan, Fukushima Bank <8562> in the northeastern prefecture of Fukushima and Chikuho Bank <8398> in the southwestern prefecture of Fukuoka.

[Copyright The Jiji Press, Ltd.]

Jiji Press