OREANDA-NEWS. Aozora Bank, Ltd. announced that the Bank has entered into discussions with GMO Internet, Inc. regarding the establishment of a joint venture Internet bank.

The widespread use of smartphones and the expansion of the electronic commerce market have created a diverse range of customer needs that cannot be fully satisfied with traditional banking services. In order to respond to these needs, Aozora is considering the implementation of an 'open innovation' system (innovation through external partnerships) aimed at providing excellent financial services, in collaboration with GMO, a company with extensive expertise and a proven track record.

Under this joint venture, GMO may consider a stake in Aozora Trust Bank, Ltd. ('Aozora Trust'), our wholly-owned subsidiary. Aozora Bank intend to continue providing the trust services currently offered by Aozora Trust.

Aozora Bank will determine a schedule for the alliance through discussions between both companies.