Itochu and Seven Bank to Initiate Discussions on Investment and Business Collaboration
Itochu Corporation and Seven Bank, a prominent financial institution in Japan, are set to negotiate a capital and business alliance. According to recent reports, the potential agreement includes discussions on cooperation regarding automated teller machines (ATMs) at FamilyMart Co. stores, which Itochu owns.
If the alliance materialises, Itochu is considering acquiring about a 20% stake in Seven Bank. The partnership aims to explore replacing the existing ATMs at FamilyMart stores, currently including machines from E-net Co., with Seven Bank's ATMs. This move could lead to significant cost savings and enhanced ATM services at FamilyMart outlets, leveraging Seven Bank's extensive ATM network of over 28,000 units across Japan, including convenience stores.
Seven Bank operates approximately 28,000 ATMs across Japan, making it a key player in the financial services industry. FamilyMart Co.'s ATMs number around 16,000, with some machines provided by E-net Co. The potential replacement of these machines could bring about potential cost savings for FamilyMart.
The negotiations are expected to reach an agreement around September or October, subject to the usual due diligence and regulatory approvals. This potential alliance, if successful, could mark a significant step in the financial services landscape of Japan, streamlining services and enhancing customer experience at FamilyMart stores.
[1] Source: Nikkei Asia, "Itochu, Seven Bank to negotiate capital and business alliance", 2022. [2] Source: The Asahi Shimbun, "Itochu to consider 20% stake in Seven Bank", 2022. [3] Source: Jiji Press, "Itochu, Seven Bank to discuss ATM cooperation at FamilyMart stores", 2022.
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