Deals
Seven Bank Seeks to Expand Cash-Machine Network Beyond 7-Elevens
- Seven & i plans to cut stake in banking unit as part of revamp
- Business would gain greater independence from parent company
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Seven Bank Ltd., which is partly owned by Seven & i Holdings Co., 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.”