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Finance

Japan's No. 1 online bank SBI Sumishin moves toward IPO

Estimated $3.7 bn internet-only bank will be the nation's first to go public

SBI Sumishin Net Bank reported a recurring profit of 17.8 billion yen for the year ended March 2019.

TOKYO -- SBI Sumishin Net Bank, Japan's No. 1 digital bank, has begun looking at an initial public offering of its shares, Nikkei has learned, in a sign of a tidal shift in the banking industry as traditional banks struggle to adapt to rapid digitization of the economy.

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