SBI, Banks to Set Up New Firm for Regional Revitalization

Economy

Tokyo, June 8 (Jiji Press)--Japanese online financial services provider SBI Holdings Inc. <8473> said Monday it has reached a basic agreement with government-affiliated and privately owned banks to launch a company to promote regional revitalization in Japan.

SBI will own 51 pct of the new company, to be capitalized at 500 million yen.

The company, to be headed by SBI President Yoshitaka Kitao, will be established jointly with Shinsei Bank <8303>, Yamaguchi Financial Group Inc. <8418> and the Development Bank of Japan.

"Full-scale regional revitalization is difficult to achieve without local residents, industries, municipalities and financial institutions being approached," Kitao said at a press conference on the day, indicating his willingness to make efforts to revitalize local areas while gathering support from relevant parties.

The new company will help local companies struggling amid the new coronavirus outbreak to expand their sales channels and start new businesses.

[Copyright The Jiji Press, Ltd.]

Jiji Press