Sumitomo Mitsui Banking Corp. said Monday it has transferred part of its shares in Japan Net Bank to Mitsui Marine & Fire Insurance Co., Mitsui Mutual Life Insurance Co. and Sumitomo Life Insurance Co.
SMBC said it hopes to encourage Japan Net Bank, which specializes in Internet banking, and the other three firms to share customers.
It also said it plans to integrate banking services and insurance operations via the deal.
The three insurers each now hold a 1 percent stake in Japan Net Bank.
SMBC's controlling stake in the bank has fallen to 57 percent from 60 percent, it said.