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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.

SBI Sumishin, a 50-50 joint venture between Sumitomo Mitsui Trust Bank and online broker SBI Holdings, is set to become the nation's first online-only bank to list its shares. SBI Sumishin hopes that the IPO will raise its profile and help further expand its market share while raising capital to further beef up its digital offerings.

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