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Friday, April 28, 2000
Softbank Eyes Synergies From Online Banks
TOKYO (Nikkei)--Softbank Corp. (9984) is expanding its alliances with regional banks to bolster its online banking and other Internet-based ventures.
On April 17, Suruga Bank (8358) set up an online branch with Softbank, and the Internet conglomerate is nearing similar pacts with about 10 leading regional banks in Hokkaido, Kansai, Shikoku and Kyushu.
Softbank has other financial services companies and retailers operating online under its auspices, and it hopes to tie them to the Web branches of the regional banks. Softbank is providing the regional banks with Web space; the company does not yet have a license to conduct online banking operations.
"A client at one of the Internet branches who wants to buy a U.S. mutual fund can go to Morningstar Japan KK to check ratings and then place a buy order with ETrade Securities Co.," says Softbank Finance Corp. President Yoshitaka Kitao, referring to two firms in which Softbank has a stake.
The online branches hope to parlay the improved name recognition that Softbank offers into an expanded customer base. Meanwhile, customers can benefit from the higher interest rates available from the online branches. Suruga Bank's online branch, whose profitability is being maintained independently of the headquarters, offers interest rates twice as high as normal for time deposits and ordinary deposits.
(The Nikkei Financial Daily Friday edition) |
