Japan’s Seven & i Holdings is negotiating the sale of approximately 10% of its banking subsidiary, Seven Bank, to trading house Itochu for about ¥30 billion ($208 million), according to sources familiar with the matter.
The convenience store giant plans to divest shares currently held by its supermarket operators Ito-Yokado and York-Benimaru, with a formal announcement expected as early as May 30. The transaction would make Itochu one of Seven Bank’s largest shareholders after Seven-Eleven Japan.
The strategic move comes as Seven & i faces mounting pressure from Canadian retailer Alimentation Couche-Tard’s $47 billion takeover bid. By divesting non-core assets, the Japanese retailer aims to streamline operations and concentrate resources on its 7-Eleven convenience store network, which comprises over 80,000 locations globally.
Seven Bank operates more than 28,000 ATMs across Japan, primarily in 7-Eleven stores but also in airports, train stations, and shopping centers. The bank’s shares jumped more than 8% following news of the potential transaction.
The parties are expected to finalize details, including the exact stake size and pricing, by June. Seven & i declined to comment on the matter.
