Sumitomo Mitsui, SBI to Form Capital, Biz Alliance

Economy

Tokyo, April 28 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. <8316> and SBI Holdings Inc. <8473> said Tuesday they have reached a basic agreement to form a capital and business alliance.

They will collaborate in the digital sphere with the aim of attracting more young customers.

Under the alliance, Sumitomo Mitsui will acquire a 20 pct equity stake in an online brokerage firm of the SBI group that exclusively targets smartphone users.

In addition, Sumitomo Mitsui will consider acquiring capital in a new company to be created by SBI for providing digital technologies and financial services to regional banks.

Sumitomo Mitsui and SBI will discuss whether the parent companies should also establish a capital partnership to beef up the two groups' ties.

[Copyright The Jiji Press, Ltd.]

Jiji Press