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Friday April 22, 10:48
DoCoMo buys about 33% in Sumitomo Mitsui card unit
(by Roy Deng)
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Japan’s biggest cellular operator NTT DoCoMo is close to the deal that will help it to expand on the card market and become a new source of revenue, people familiar with the matter say.
DoCoMo has an option to buy a 33.4% stake in Sumitomo Mitsui Card Co., a major Japanese credit-card company with 12.8 million customers. The move, though, is not a strategic investment, the company said.
But Sumitomo Mitsui card unit is not a sole option for the nation’s No.1 operator which separately from the agreement with Sumitomo Mitsui plans to enter a small-scale partnership with JCB Co., Japanese card company with 54 million customers.
Both Sumitomo and JCB released the statements where said they had options to have partnerships with mobile phone operators but no further details were provided.
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