AndhraNews.net
Home » Business News » 2011 » January » January 25, 2011

SBI Holdings Establishes Joint Venture with LG CNS


January 25, 2011 - Tokyo

SBI Holdings, Inc. ("SBIH") and LG CNS Co., Ltd. (part of the Korean LG Group, "LG CNS"), a company that provides comprehensive IT services, have executed a joint-venture agreement establishing SBI-LG Systems Co., Ltd. (hereinafter "the System Joint Venture"), an IT system services provider.

The SBI Group is establishing the System Joint Venture with LG CNS with the primary objective of realizing a substantial reduction in system costs for the SBI Group's wide-ranging overseas and domestic financial services businesses.

As the systems division company of the LG Group, one of Korea's leading conglomerates, LG CNS possesses strong cost-competitiveness supported by a global developmental regime, and has abundant experience in the development of systems architecture for financial services including the securities area.

Through the establishment of the System Joint Venture with LG CNS, the SBI Group, in addition to a substantial reduction in costs, is striving for faster realization of customer needs by way of enhancements to the system development regime, stronger competitiveness of each of the SBI Group companies, and ensuring the provision of a stable system during the overseas offering of Internet-based financial services.

Outline of the System Joint Venture


Corporate name: SBI-LG Systems Co., Ltd.
Head office: 1-6-1, Roppongi, Minato-ku, Tokyo
Establishment: February 2011 (anticipated)
Capital and capital reserve: Capital: 245 million yen,
Capital Reserve: 245 million yen
- (Total 490 million yen)
Investment ratio: SBIH 49%
LG CNS 51%
Business: System related business
Board members: 2 Representative Directors
- (SBIH appoints 1 and LG CNS 1)
3 Directors
- (in addition to the Rep. Directors)
- (SBIH appoints 1 and LG CNS 2)
1 Corporate Auditor (SBIH appoints)






About SBI Holdings

With a thorough commitment to the customer-centric principle since its establishment in 1999, the SBI Group has provided innovative, low-cost and user- friendly financial services by fully leveraging the price-cutting power of the Internet. In the past decade, the SBI Group has grown into a globally unique "comprehensive Internet financial group" that provides Internet-based securities, banking and insurance and other financial services. For more information, please visit www.sbigroup.co.jp/english/ .



Source: SBI Holdings

Contact:

SBI Holdings, Inc.
Corporate Communications Dept.
Tel: +813 6229 0126



Copyright 2011 JCN Newswire. All rights reserved. www.japancorp.net

ACN Newswire

Comment on this story

Share