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Tokai Tokyo Financial seeking tie-ups with regional banks

Tokai Tokyo, which owns Tokai Tokyo Securities Co., also has joint securities firms with seven regional banks. (AFP)
Tokai Tokyo, which owns Tokai Tokyo Securities Co., also has joint securities firms with seven regional banks. (AFP)
16 Nov 2019 01:11:33 GMT9
16 Nov 2019 01:11:33 GMT9

TOKYO: Tokai Tokyo Financial Holdings Inc. is seeking to form tie-ups with regional banks, sources familiar with the matter told Jiji Press on Friday. 

The Japanese company plans to provide regional lenders struggling with a prolonged low interest rate environment with financial products for affluent customers and new services utilizing information technology.

It is also open to possible mergers with regional banks, aiming to counter megabanks and major securities firms by offering comprehensive financial services including banking, securities and insurance.

"The time has come for banks and securities firms to think about business together," Tateaki Ishida, Tokai Tokyo's president and chief executive officer, said in an interview with Jiji Press.

"If our company offers know-how for insurance and asset management, regional lenders' services will make a big difference," Ishida said.

He said that Tokai Tokyo "will seek capital injections, mergers or business tie-ups" with regional banks. "There will be five to 10" potential partners, he said.

Tokai Tokyo, which owns Tokai Tokyo Securities Co., also has joint securities firms with seven regional banks.

Recent moves of collaboration between the securities and regional banking industries include an August agreement between Nomura Holdings Inc.'s Nomura Securities Co. and San-in Godo Bank to form a comprehensive business alliance.

Online financial services firm SBI Holdings Inc. recently announced plans to acquire stakes in Shimane Bank and Fukushima Bank in an effort to create a "fourth megabank" in the country.

JIJI Press

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