Yahoo! Japan All Set To Buy Japan Net Bank

It has been reported that Yahoo! Japan is ready to close a deal with Japan Net Bank  which is owned by Sumitomo Mitsui Banking Corporation.

Yahoo! Japan is looking forward to by a 57 percent stake in Japan Net Bank. This step has been taken to enhance its ability to make its offer payment services more convenient for its online auctions and shopping services.

Toru Nagano, a Yahoo! Japan spokesman said, "We're considering an alliance," responding to an earlier report in Nihon Keizai which says that Yahoo! Japan will take a 30 percent stake in Japan Net; he further added that “Nothing has been decided."

Most probably these companies would announce the agreements at the end of this week.

Besides Yahoo!, Japan Net Bank's other investors are Fujitsu, the Nippon Life Insurance Company and the Tokyo Electric Power.

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