As Bloomberg News reported Thursday, May 27, Goldman was SoftBank’s fourth-largest lender for the 12-month period ending March 31, providing 593.2 billion yen, or $ 5.4 billion in loans. The bank was not listed for the previous year.
SoftBank’s top lender last year, Mizuho Financial Group Inc., remained No.1 at 850 billion yen, despite a 7% reduction in its exposure to loans.
At # 2: JP Morgan Chase, who loaned 829 billion yen, more than three times more than the previous year. It was followed by new entrant BNP Paribas SA, which loaned SoftBank 601 billion yen. Deutsche Bank increased its loans to 376.1 billion yen, while Credit Suisse Group reduced its activities, falling from the top 10 after granting 176 billion yen in loans last year.
The news comes just over two weeks after SoftBank announced it was seeking an initial public offering (IPO) for PayPay, its QR code payment app. As PYMNTS reported at the time, SoftBank could also list its subsidiary, SB Payment Service. “We want PayPay to go public in the future so that they become independent. … I don’t think it would be too far, “CEO Junichi Miyakawa said in a May 11 earnings announcement.
SoftBank wants its investors to have confidence that the company can expand into new lines of business as the wireless market grows and changes. The bank, which currently offers financial services through PayPay, hopes to increase its presence in Asia with the help of the App Line chat service, which merged with Z Holdings – another subsidiary of SoftBank – earlier this year.
As PYMNTS reported in March, SoftBank has said it wants to double PayPay’s customer base over the next three to four years in an effort to foster a cashless economy in a traditionally cash-heavy Japan. PayPay’s first three years saw it attract 36 million users, helped by discounts and SoftBank’s sales network.