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Finance

Suruga Bank founders sell stake to electronics chain Nojima

Big-box retailer plans to incorporate financial services into its business

Suruga Bank's founding family has been seen as a negative influence on governance that contributed to last year's lending scandals.

TOKYO -- The founding family of Japan's Suruga Bank will sell its entire 13%-plus interest in the lender to big-box electronics retailer Nojima, removing an influence seen as a factor in the scandals that rocked the bank last year.

The 14 billion yen ($129 million) deal will lift Nojima's stake to 18.5%, making it Suruga's largest shareholder. The retailer said in its announcement that it plans to "integrate our existing businesses with financial services to create new services that improve convenience for customers."

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