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Yahoo Japan, SMBC agree on online banking tie-up
0 Comments | AFP, March, 2006
TOKYO (AFP) — Yahoo Japan said it has agreed to team up with Sumitomo Mitsui Banking Corp (SMBC) in Internet banking.
Yahoo Japan will take a 14.9 percent stake in a new holding company to be set up by SMBC, Japan's third largest bank, which will put its 57 percent stake in Japan Net Bank, a leading online bank, into the venture.
The financial details were not disclosed.
Yahoo has an option to raise its interest to up to 50 percent, the Internet search engine said in a statement, a day after it first confirmed it was in talks with SMBC about a possible venture.
The arrangement will allow Yahoo Japan to directly offer financial and settlement services on its auction site and portal. Yahoo Japan has been running behind rival Rakuten Inc in the...
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