Japanese banks invite IT firms to join systems venture

Japanese banks invite IT firms to join systems venture

As part of their three-way merger to form the United Financial Group of Japan (UFJ), Sanwa Bank, Tokai Bank and the Tokyo Trust and Banking Company are spinning off their IT divisions to create a seperate systems integration firm.

The banking partners are inviting leading IT companies to participate in the creation of the new alliance company. The Japanese divisions of IBM, HP, Oracle, TIS and Hitachi have been approached to take an equity stake and provide technical expertise to the new venture which will be established in April.

The new company will initially be responsible for building a new integrated system and various information processing services for the UFJ Group. It is anticipated that the company will then offer its services to regional Japanese banks, corporatations and public bodies.

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