SBI Sumishin Net Bank, a major online finance company, announced that it will postpone its listing on the Tokyo Stock Exchange on the 24th of this month.
Due to Russia's military invasion of Ukraine and economic sanctions in Europe and the United States, the stock market has been shaken, and the tightening situation in Ukraine has begun to affect corporate financing.
Sumitomo SBI Net Bank was opened in 2007 with a 50% stake in Sumitomo Mitsui Trust Bank and SBI Holdings, and is a major domestic online bank with a deposit balance of over 7 trillion yen, mainly for mortgages.
It was planned to be listed on the First Section of the Tokyo Stock Exchange for the first time as an online bank on the 24th of this month, but the stock market was shaken by Russia's military invasion of Ukraine and economic sanctions in Europe and the United States, and investors' willingness to buy. Judging that is weakening, we decided to postpone the listing.
The bank had a policy of investing the funds obtained from the listing in businesses that provide services for different industries to enter the banking business, but it was forced to review it once.
Investors are increasingly trying to avoid risks as the situation in Ukraine remains uncertain, but the tensions in the situation are beginning to affect corporate financing.