June 8, 2020 / 9:52 AM / 2 months ago

Japan's SBI Holdings to set up entity to invest in local businesses

TOKYO (Reuters) - Japanese financial group SBI Holdings Inc (8473.T) said on Monday it plans to set up an entity to invest in regional businesses with state-backed Development Bank of Japan [DBJPN.UL] and Shinsei Bank (8303.T).

SBI Holdings, which owns stakes in a handful of regional banks, aims to revitalise local economies by getting directly involved in regional businesses, it said in a statement.

A divide is opening up in Japan between large cities like Tokyo and Osaka and rapidly depopulating remote cities and urban areas, where the coronavirus pandemic is worsening an economic downturn.

SBI Holdings is also aiming to create a nationwide banking force through tie-ups with small banks outside big cities. It owns stakes in Fukushima Bank (8562.T), Chikuho Bank (8398.FU), Shimane Bank (7150.T) and Shimizu Bank (8364.T).

Reporting by Junko Fujita; Editing by Kirsten Donovan

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