Itochu and Seven Bank Enter into Capital and Business Alliance
Seven Bank is entering into a capital and business alliance with ITOCHU to adapt to a changing financial landscape (digital payments, new competition) and drive new growth. The goal is to combine Seven Bank's expertise in ATMs and retail financial services with ITOCHU's vast consumer-related business platforms to create new financial services and enhance the corporate value of both companies.
The immediate and most significant initiative is the agreement to begin installing Seven Bank ATMs in FamilyMart convenience stores, which are operated by a subsidiary of ITOCHU. The companies will also engage in discussions for further collaboration on credit cards, payment services, and other financial businesses.
This move is presented as the first major step in Seven Bank's strategy to evolve into a comprehensive "financial service platformer" for the entire retail industry, expanding beyond its traditional base in Seven-Eleven stores.
The strategy involves broadening the function of its ATMs under the brand "ATM+" to go beyond simple cash transactions, enabling services like electronic money charging and other procedures. By expanding its physical presence into a rival convenience store chain, Seven Bank aims to become the "most familiar presence in daily life even in a cashless society," serving a wider range of customer needs for both cash and cashless services.
