FUKUOKA, Japan -- Sanyo Shinpan Finance Co. plans to link its 1,088 ATMs with the loan service offered by a Sumitomo Mitsui Banking Corp. unit, according to a Jiji Press report.
The arrangement will enable consumers of At-loan Co. to withdraw and deposit money in their accounts, free of extra charges, using the ATMs of Sanyo Shinpan, a consumer financing firm based in Fukuoka in Japan's southwestern Kyushu region.
With the deal, Sanyo will further strengthen its ties with At-loan. In March, Sanyo raised its equity stake in At-loan to 34 percent from 10 percent by purchasing newly-issued shares.
Sumitomo Life Insurance Co. earlier this month announced a tie-up with Shinkin Central Bank, an industry body grouping 343 "shinkin" small savings banks, to enable its policyholders to take out loans from ATMs at most of the member shinkin banks, according to a report in the Japan Times.
