SBI Acquires 17 Pct Stake in Daito Bank

Economy

Tokyo, May 29 (Jiji Press)--SBI Holdings Inc. <8473> acquired a 17.14 pct stake in Daito Bank <8563> for an undisclosed sum on Friday, the Japanese online financial services firm said.

Daito Bank, based in Koriyama, Fukushima Prefecture, northeastern Japan, became the fifth regional bank to receive investment from SBI, which has been pushing to create a union of regional lenders.

Real estate firm Prospect Co. <3528>, Daito Bank's top shareholder, sold most of its shares in the lender to SBI. Prospect gained 84 million yen in profit from the sale.

The acquisition made SBI the largest shareholder of Daito Bank. The move may lead to the reorganization of regional banks in Fukushima as SBI is also the top shareholder of Fukushima Bank <8562>.

SBI has also invested in Shimane Bank <7150> in Shimane Prefecture, western Japan, Chikuho Bank <8398> in the southwestern prefecture of Fukuoka, and Shimizu Bank <8364> in Shizuoka Prefecture, central Japan.

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Jiji Press