Yahoo Japan, SMBC may tie-up in online banking

0 Comments | AFP, March, 2006

TOKYO (AFP) — Yahoo Japan said it was in talks with the third largest Japanese bank, Sumitomo Mitsui Banking Corp (SMBC), about a possible tie-up in online banking.

The deal would allow customers of Yahoo's auction and other online shopping sites to pay for transactions through SMBC's Japan Net Bank.

"We are examining the possibility of a capital and business alliance and having talks with Sumitomo Mitsui Banking and its affiliate Japan Net Bank but nothing concrete has been decided yet," a Yahoo Japan spokesman said.

According to the Nihon Keizai business newspaper, SMBC and Yahoo Japan plan to set up a joint venture later this year that will hold SMBC's entire 57 percent stake in Japan Net Bank, a leading online bank.

© 2006 AFP