GMO Internet Executes Memorandum of Understanding on Joint Operation of Net Bank

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GMO Internet provides progress update on net bank.

GMO Internet, Inc. today executed a Memorandum of Understanding with Aozora Bank, Ltd. and Aozora Trust Bank, Ltd. under which the companies plan to operate a joint Internet bank through Aozora Trust.

1.    Net Bank Concept
Bring new experiences and efficiencies to customers with simple and high-function “banking x IT services”.
(1)    Provide low-cost banking services that are linked to ecommerce builder or payment services offering improved productivity for SMEs including ecommerce businesses.
(2)    Provide IT driven banking/securities services for individuals that offer smart, cutting-edge functionality in conjunction with GMO CLICK Securities.
(3)    A partnership that is not only limited to GMO Internet Group and Aozora Group, but quickly develops unique services through alliances with external FinTech corporations.
(4)    Employ advanced technology in Internet services and systems in order to provide low-cost services and aim to maintain costs as low as possible.

2.    Future Outlook
Going forward, the parties will continue with detailed discussions and negotiations with a view to signing an agreement concerning the join operation of a net bank, with the objective of executing the final agreement by the end of June 2016.

In the event that the company expects the execution of the agreement to impact consolidated earnings, details will be announced promptly.

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