Tokyo, Nov. 5 (Jiji Press)–Japan Post Bank said Wednesday that it will acquire a stake of nearly 20 pct stake in online brokerage firm Matsui Securities Co. as part of an effort to strengthen its asset management services by expanding its lineup of financial products. The bank will acquire a 19.99 pct stake in Matsui from the founding family of the securities firm in December, a transaction valued at about 50 billion yen, based on the company’s closing stock price on Wednesday. Matsui will remain publicly traded after the transaction. The move comes as people move from savings to investment amid rising interest rates in Japan. Matsui expects an inflow of funds from the large customer base of Japan Post Bank, which had about 120 million savings accounts as of the end of March. The two companies plan to start collaboration by the end of next year. They are considering introducing customers to each other. “We can create significant synergies because our business models and customer bases are different,” Japan Post Bank President and CEO Takayuki Kasama told a news conference. Matsui President and CEO Akira Warita said, “It is very valuable to be able to have contact with Japan Post Bank.” END [Copyright The Jiji Press, Ltd.]
