Sumitomo Mitsui Banking Corp., to be launched in April through the merger of Sumitomo Bank and Sakura Bank, will tie up with the Nippon Life Insurance Co. group to sell insurance products at its outlets, industry sources said Friday.
Sumitomo Mitsui Banking will sell the Nippon Life Insurance group's fire and casualty insurance products, the sources said.
The alliance between Japan's largest life insurance company, which is not affiliated with any group, and the Sumitomo-Mitsui megabank, one of Japan's four major financial groups, comes before Japan in April lifts a ban on sales of insurance products at bank outlets.