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Non-Tech : Wit Capital Group Inc - (Nasdaq - WITC)
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To: Mohan Marette who wrote (826)10/18/1999 1:47:00 AM
From: Mohan Marette  Read Replies (1) of 845
 
Sanwa Bank to join Wit Cap Japan venture -report

TOKYO, Oct 17 (Reuters) - Sanwa Bank plans to take a 10 percent stake in a Japanese Internet investment banking company that will be largely backed by U.S. on-line investment firm Wit Capital Group Inc (NasdaqNM:WITC - news), Kyodo News said on Sunday.

The company, to be called Wit Capital Japan, was originally slated as a venture with Wit Capital Group and Mitsubishi Corp with a planned combined 1 billion yen ($95.2 million) in subscriptions, Kyodo News reported citing industry sources.

Sanwa, a major bank left out of the wave of mega-mergers sweeping the Japanese banking sector, will hold the same 10 percent share as Mitsubishi. The three companies will boost the venture's capital to 4 billion yen with investments from other companies, the agency said.

Major brokerage Nikko Securities Co may also invest in the Internet venture, it said.

Wit Capital Japan marks the on-line banking and brokerage firm's first move within a larger plan to expand overseas.

The new company, which will be based in Tokyo, will offer opportunities for investing in initial public offerings of stock to Japanese investors, along with other on-line investment services.

The business will also seek to advise companies working on Internet projects in Japan, including U.S.-based companies developing Japanese joint ventures. Wit aims to launch the operation by 2000.

Sanwa Bank officials were not immediately available for comment on the report.
biz.yahoo.com
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