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November 19, 2024


 

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BUSINESS / Companies


SEVEN BANK SEEKS TO EXPAND CASH-MACHINE NETWORK BEYOND 7-ELEVENS

For Seven Bank, greater independence from its parent Seven & I Holdings could
lead to new growth opportunities. | REUTERS
By Hideki Suzuki
Bloomberg
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Nov 11, 2024
Listen to this article
2 min


Seven Bank, which is partly owned by Seven & I Holdings, will seek to expand its
ATM cash machine network beyond its parent company’s 7-Eleven shops into other
convenience stores, Chief Executive Officer Masaaki Matsuhashi said.

Although nothing has been decided, deconsolidation from Seven & I resulting from
a reduction of its stake in Seven Bank would make such a scenario more possible,
Matsuhashi told analysts in a briefing Monday. "There would be greater freedom,”
Matsuhashi said. "Other shops and convenience stores other than 7-Eleven are
possible.”





Seven & I, which is facing a takeover approach from Canada’s Alimentation
Couche-Tard, plans to reduce its stake in its banking unit to 38% as part of a
broader revamp, people with knowledge of the matter said last week. Seven Bank,
which operates 27,000 machines across Japan, has made clear that it wants to
expand its financial business into lending, and develop strategies to push
deeper into retail, corporate and overseas banking.

The operator of 7-Elevens is facing pressure to revamp its business and show it
can command a higher valuation, whether in negotiations or through its own
efforts. Seven & I rejected Couche-Tard’s initially indicated offer, saying that
it didn’t fully reflect the company’s worth.

For Seven Bank, greater independence from its parent could also lead to new
growth opportunities. The business was founded in 2001 to offer banking services
24 hours a day, 365 days a year, using ATMs in 7-Eleven stores at a time when
most banks operated under limited retail hours.

Japan’s retail banking sector is seeing big changes, with the Bank of Japan
seeking to normalize monetary policy after three decades of an ultraloose
stance. There’s greater competition from nontraditional business offering
financial services, including from East Japan Railway and the PayPay mobile
payments business, which is majority-owned by SoftBank Group’s
telecommunications unit.


KEYWORDS

Seven-Eleven(https://www.japantimes.co.jp/tag/seven-eleven), Seven & I
Holdings(https://www.japantimes.co.jp/tag/seven-i-holdings),
banks(https://www.japantimes.co.jp/tag/banks), convenience
stores(https://www.japantimes.co.jp/tag/convenience-stores), Seven
Bank(https://www.japantimes.co.jp/tag/seven-bank),
ATM(https://www.japantimes.co.jp/tag/atm)
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