GMO Click, Aozora Bank intend to launch Internet banking JV in FY 2017

GMO Click Holdings Inc (TYO:7177), GMO Internet Inc. (TYO:9449), Aozora Bank Ltd (TYO:8304) and Aozora Trust Bank are planning to launch an Internet banking joint venture in fiscal year 2017, GMO Click said in an update today.

The discussions on establishing the joint venture started in June last year and have marked significant progress, with the new business set to commence operations in FY 2017, pending regulatory approvals.

The Internet banking business will be jointly operated under Aozora’s wholly-owned subsidiary, Aozora Trust. GMO Internet and GMO CLICK Holdings are considering a stake in Aozora Trust, and upon becoming shareholders will join existing shareholder Aozora Bank in running the Internet banking business.

Thew new business is set to provide innovative financial services by leveraging GMO Internet Group’s business platform and extensive experience and expertise in Internet technology, in addition to Aozora’s longstanding experience and expertise in the banking business. Aozora and GMO are in talks on the introduction of new types of lending products, mainly targeting small businesses that utilize the Internet as a business platform.

In addition, the Bank aims to provide services which combine banking and securities in collaboration with GMO CLICK Securities, the Japanese FX giant, which is a subsidiary of GMO CLICK Holdings.

You can view the full announcement from GMO Click by clicking here.

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