GMO Internet, Inc. announced a capital and business alliance with Aozora Bank, Ltd. and Aozora Trust Bank,Ltd. regarding a joint venture Internet bank, to be operated under Aozora Trust. Effective June 24, the parties executed an investment agreement, a shareholder agreement, and a business alliance agreement.
Currently, only a few banks in Japan provide services focused on SMEs and other small E-commerce businesses and we believe that we can meet the needs of this customer segment through the establishment of a next-generation Internet bank offering innovative IT functions.
GMO Internet and Aozora Bank have partnered on this next-generation Internet bank with the aim of responding to the changing needs of these customers. This partnership brings together Aozora Bank Group’s extensive banking experience and risk management expertise, as well as GMO Internet Group’s knowledge and expertise in Internet technology and track record in the e-commerce market and Internet securities business. Leveraging their respective expertise, the parties will strive to further enhance each group’s business and corporate value, and contribute to the creation of added social value.
GMO Internet Group is a major player in the E-commerce market providing shopping cart and settlement agent services. The joint venture Internet bank will enable GMO Internet to create synergies with its existing businesses, providing more convenient services and expanding its new earnings base.
Aozora Bank Group intends to take full advantage of IT in order to provide SME customers and other small business operators with cost effective banking services that lead to enhanced productivity. In addition, by offering Internet banking services targeting the smartphone user generation, the Bank will make efforts to acquire new customers, building upon its current retail customer base focused on the Bank’s “Brilliant60s” senior generation customer segment.
They will aim to commence operations during FY2017. In preparation for the scheduled launch, the Bank will set up an “Internet Bank Project Launch Office” within Aozora Trust immediately after the latter’s third party allocation of shares outlined below.
The cost for Aozora Trust to commence the Internet banking operations is an estimated 5.5 billion yen. Under the Alliance, Aozora Trust will implement a capital increase of 6.6 billion yen through a third party allocation of new shares.
(Source: GMO INTERNET )
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