Japanese regional lender Shimane Bank Ltd. agreed to transfer its investment trust and securities business to SBI Securities Co. Ltd. as part of a capital and business alliance.
The companies are slated to sign an agreement in February, with Shimane Bank's investment trust and securities accounts to be transferred to SBI Securities in the first half of fiscal 2020, according to a Jan. 21 release. SBI Securities will entrust Shimane Bank with selling financial products through its branches.
SBI Securities parent SBI Holdings Inc. agreed to invest about ¥2.5 billion in Shimane Bank in September 2019. The partnership is part of SBI Holdings' strategy to revitalize Japan's ailing regional banking sector through capital alliances with local lenders.
As of Jan. 20, US$1 was equivalent to ¥110.16.