Bank of Yokohama and Chiba Bank’s agreement include retail banking, database marketing and M&As.
Reuters reported that Japanese regional lenders Bank of Yokohama and Chiba Bank will forge a business partnership in a battle against a lengthy period of low interest rates paired with the country’s ageing population.
Through their separate statements, the banks revealed that the agreement will include areas such as retail banking, database marketing, as well as mergers and acquisitions.
“Progression in ageing, prolonged negative interest rates, and different industries’ entry have largely changed our business environment,” Chiba Bank President Hidetoshi Sakuma told reporters.
“When I met with Mr. Sakuma alone in March, we talked about the possibility of this partnership,” said Bank of Yokohama President Yasuyoshi Oya. “That was the start of discussion.”
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