Sumitomo Mitsui Financial Group has officially announced that the two companies have reached a basic agreement to enter into a capital and business alliance to acquire approximately 10% of the shares by investing nearly 80 billion yen in SBI Holdings, a major online finance company.
According to the announcement, Sumitomo Mitsui Financial Group will invest 79.6 billion yen in SBI to acquire a 10% stake and conclude a capital and business alliance with SBI Holdings undertaking a third-party allotment. We have reached a basic agreement.
As a result, Sumitomo Mitsui Financial Group will effectively become SBI's largest shareholder.
Through the alliance, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card will combine the huge customer base of SBI SECURITIES with the know-how of online financial services, aiming to expand the business in the field of digital securities.
The company is also working on developing financial services for individuals that can use functions such as bank accounts, card payments, and online securities in one app.
It is unusual for a major financial institution to cross the boundaries of the group and step into a capital tie-up to form a capital tie-up.