Fukushima Bank, SBI seal partnership

TOKYO: SBI Holdings Inc and Fukushima Bank Ltd will form a capital and strategic tie-up, with SBI taking a 17.91 per cent stake in the regional lender. Fukushima Bank will issue new shares to SBI for 222 yen each for a total investment of 1.11 billion yen (RM42.13 million). The two would jointly establish offices where SBI’s products such as investment trust and insurance were provided to Fukushima Bank’s customers, while the firms would develop new financial technology-focused services, they said yesterday.