NTT reached a deal for its mobile unit NTT Docomo to acquire a controlling stake in SBI Sumishin Net Bank through a tender offer, a move making it the last major Japanese operator to take a stake in a commercial bank.

Docomo aims to buy about 66 per cent of the online bank’s shares, with plans to make it a consolidated subsidiary after additional transactions.

The operator’s board today (29 May) approved a capital and business partnership, which commences on 17 July.

As part of a business alliance agreement, the companies stated they aim to develop next-generation financial services in the asset management, security tokens and insurance segments.

Operators in the country have expanded into financial services over the past ten years, with Docomo’s rivals all taking stakes in banks.

In 2023 Docomo took a 49 per cent stake online brokerage house Monex.

Counterpoint Research director Marc Einstein told Mobile World Live Docomo needs to do something to stay competitive and the move opens the door to offer Web 3.0 services including NFTs and cryptocurrencies.

Rival KDDI acquired a 22 per cent stake in au Jibun Bank from Mitsubishi UFG Bank in October 2024, making it a wholly-owned subsidiary. The operator launched an online bank in partnership with Bank of Tokyo-Mitsubishi UFJ in 2009.

SoftBank Corp, through its subsidiary LY Corp, owns a majority stake in PayPay Bank. Last month it joined Sumitomo Mitsui Financial Group to offer digital banking services.

Rakuten Mobile parent Rakuten Group has a dedicated banking unit.