Concordia to Join SBI-Led Union of Regional Lenders

Economy

Tokyo, June 22 (Jiji Press)--Japanese online financial services provider SBI Holdings Inc. <8473> said Monday that Concordia Financial Group Ltd. <7186> will join its project to launch a company to promote regional revitalization in Japan.

Concordia, the parent of Bank of Yokohama and Higashi-Nippon Bank, will be the fourth financial group to join the project, following the government-affiliated Development Bank of Japan, Shinsei Bank <8303> and Yamaguchi Financial Group Inc. <8418>.

The new company is expected to be established by the end of this month at the earliest.

SBI will own over half of the new company, to be capitalized at 500 million yen. The other four financial groups will own the rest.

The new company is expected to support local companies, for example by helping them expand their sales channels with the aim of giving a boost to regional economies hit by the fallout from the new coronavirus outbreak.

[Copyright The Jiji Press, Ltd.]

Jiji Press