Nojima Co., Ltd., a consumer electronics retailer, announced that it has agreed to sell all of its shares in Shizuoka Prefecture's regional bank, Suruga Bank, and dissolve the capital and business alliance.
The unique alliance between a consumer electronics retailer and a bank ended in nearly three years.
Nojima entered into a business alliance three years ago in May 2019 to support Suruga Bank, which had been deteriorating due to a large-scale fraudulent loan, and has since held more than 18% of Suruga Bank's shares. I was the largest shareholder.
The following year, in 2020, Nojima's president Hiroshi Nojima took office as vice chairman of the bank and tried to strengthen the relationship, but within a year he resigned as "a difference in the way of thinking about management". ..
According to the announcement by both companies, on the 8th, it was agreed to sell all the shares held by Nojima to Suruga Bank and dissolve the capital and business alliance.
The two companies have been discussing the dissolution of the alliance since last year, but last month there was a proposal from the bank to repurchase their shares, and an agreement was reached. ..
The unique alliance between a consumer electronics retailer and a bank ended in nearly three years.
Regarding the dissolution of the alliance, Nojima said, "We have made proposals to create convenient services by utilizing the strengths of both companies, but we have come to the conclusion that it will be difficult to obtain the effect of the alliance even if we continue discussions." ..