Yahoo Japan Corp said yesterday it was in talks with Sumitomo Mitsui Banking Corp (SMBC) to form a possible alliance in online banking, a move that could create new sources of revenue for the Internet portal operator.
The two companies are discussing the possibility of forging a capital tie-up, according to Yahoo Japan spokesman Toru Nagano. He declined to give further details, saying that nothing has yet been decided.
Teaming up with SMBC, the core banking unit of Sumitomo Mitsui Financial Group Inc, would enable Yahoo Japan to offer financial services to customers using its online services.
Japanese business daily Nihon Keizai reported yesterday that SMBC and Yahoo Japan were to establish a joint venture as early as this autumn to buy SMBC's entire 57 percent stake in online bank Japan Net Bank.
The move would mark the first tie-up between a major Internet business and one of Japan's megabanks, and the companies are expected to announce the plan by the end of this week, the Nihon Keizai reported.
Yahoo Japan would effectively become a major shareholder in Japan Net Bank, with an indirect stake of almost 30 percent, the paper said.
Nihon Keizai said that people using Yahoo Japan's online auction or shopping services would be able to settle transactions over the Internet.
For SMBC, an alliance with Yahoo Japan, a major player in the country's Internet business, could help it tap into a broader market for its financial products and services.
A spokesman for SMBC, who declined to be named citing company policy, said yesterday that the firm was considering the possible alliance with Yahoo Japan.
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