SBI to Set Up New Firm for Regional Revitalization

Politics Economy

Tokyo, June 6 (Jiji Press)--Japanese online financial services firm SBI Holdings Inc. <8473> will launch a company as early as this month to promote regional revitalization in Japan jointly with government-affiliated and privately owned banks, it was learned Saturday.

Through the new company, SBI will help regional companies struggling amid the novel coronavirus outbreak expand sales channels and start new businesses, according to informed sources.

SBI, which has been working to create a union of regional lenders to activate regional economies, hopes to power up the movement with the new company.

Capitalized at 500 million yen, the new company will be more than half owned by SBI. The rest will be invested by the Development Bank of Japan, Shinsei Bank <8303> and Yamaguchi Financial Group Inc. <8418>.

SBI President Yoshitaka Kitao will head the new firm. Yasushi Hasegawa, former deputy director-general of the Financial Services Agency who has an expertise in overseeing regional banks, will be invited to become director-general of the new company, the sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press