Japanese investment bank SoftBank Group Corporation has announced a major reorganization of its businesses. The firm has said that it is in planning to separate its profitable domestic mobile business from its international business, which includes a majority stake in US mobile operator Sprint Corp. Both the subsidiaries will be 100-percent owned by SoftBank.
According to the company, the “strategic” move will shift SoftBank’s stakes in U.S. wireless carrier Sprint and Chinese Internet company Alibaba Group Holding to a new global operations management subsidiary. SoftBanks Japanese assets including Yahoo Japan Corporation will funnel into a separate domestic operations management company.
SoftBank’s President Nikesh Arora will now head the overseas management company, whose holdings also include a 32 % share of Chinese e-commerce giant Alibaba Group Holding Ltd. and a range of other Internet and technology firms. SoftBank’s Japanese telecom business and shares in domestic Internet firms such as Yahoo Japan will be managed by a separate company led by Ken Miyauchi, who now heads SoftBank’s Japanese mobile operations, the company said in a statement.
The company has been betting big in the Indian start-up ecosystem over the last two years, investing in companies like Oyo Rooms, Housing.com, Ola and Snapdeal among others.
SoftBank, which began as a distributor of packaged software, branched out into telecom, media and tech investments. SoftBank’s domestic mobile business, acquired from Vodafone in 2006, drove growth for much of the last decade. It is the 1st seller of iPhones in Japan.
Extra Info :
SoftBank Group : Nikesh Arora : to lead the company’s overseas operations
Arora is currently working as SoftBank’s President and Chief Operating Officer.
SoftBank appointed its current Director Ken Miyauchi to lead the company’s business in Japan
So lets discuss some questions related to this post which can be asked in the upcoming exams :
1. The Softbank Group belongs to which country ?
2.Name the person who is going to lead the SoftBanks overseas operations ?
3. Who is the current Director of the SoftBank to lead the company’s business in Japan ?
Courtesy : Hindu Business Line