SBI Holdings to acquire a 17.9% stake in Fukushima Bank.

Japanese internet banking giant SBI Holdings is set to acquire a 19.9% stake in Fukushima Bank, a commercial bank for $10.6m. Fukushima Bank will issue new shares to SBI for 222 yen ($2) each for a total investment of 1.11bn yen ($10.16m), making it the biggest shareholder in the lender. The two financial companies will jointly establish offices where SBI’s products such as investment trust and insurance are provided to Fukushima Bank’s customers, while the companies will also develop new fintech-focused services.