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Business

2 more lenders seen linking with Bank of Yokohama asset manager

TOKYO -- The parent of Tokyo Tomin Bank and Yachiyo Bank is in talks to take a stake in an asset management firm owned by Bank of Yokohama and others, as dwindling lending profits under negative interest rates force it to seek alliances to prosper.

Tokyo TY Financial Group is expected to buy about 15% of the shares in Sky Ocean Asset Management as early as this month, making the firm an equity-method affiliate. Tokyo TY Financial decided to pursue this deal even though it competes with Bank of Yokohama's parent, Concordia Financial Group, in the Tokyo area.

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