Japan’s Seven & I Holdings is considering reducing its holding in its listed banking arm, Seven Bank, by selling the shares held by two of its supermarket subsidiaries, Bloomberg news reported on Wednesday.
The two supermarket subsidiaries – Ito-Yokado and York Benimaru – collectively hold 7.8 per cent of Seven Bank’s shares, which if sold would leave the group with the 38.4 per cent stake still held by its domestic convenience store arm, LSEG data shows.
Seven & I is looking at selling off the Seven Bank shares to 38 per cent by February 2025, Bloomberg said, quoting multiple sources.
Seven & I was not available for comment outside of working hours.
The global retail group is the target of a buyout by Canadian competitor Alimentation Couche-Tard ATD-T and has accelerated plans to dispose of non-core assets in a bid to improve corporate value.
Last month Seven & I announced a company reorganization to separate its convenience store business from its vast network of non-core holdings.