NEC Transfers A Portion Of Its Shares In NEC Capital Solutions, An Equity Method Affiliate

NEC Corporation announced that it will transfer a portion of its shares in NEC Capital Solutions Corporation, an affiliated company accounted for by the equity method, to SBI Shinsei Bank, Ltd. The share transfer is scheduled to take place in October of this year.

NEC Capital Solutions was established in 1978 as a financial services company within the NEC Group. Since then, in addition to leasing various equipment and facilities, including information and communications technologies (ICT), the company has expanded its financing menu and broadened the range of solutions it provides to help customers solve various management issues.

As NEC focuses more on IT services and social infrastructure businesses, the company has decided it would be beneficial for NEC Capital Solutions to concentrate on medium- to long-term business growth and profitability improvement through collaboration with a financial business where new synergies may be expected.

As a result of this stock transfer, NEC Capital Solutions will no longer be an affiliated company of NEC accounted for by the equity method. However, NEC and NEC Capital Solutions will continue to work together to provide vendor finance services. Moreover, the name of NEC Capital Solutions will remain unchanged after the share transfer.

Source: NEC Corporation media announcement