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Story summary
- Nintendo Co. plans to unwind strategic shareholdings, with MUFG Bank and Bank of Kyoto set to sell around ¥300 billion in shares.
- The move comes under regulator pressure to reduce cross-shareholdings, which critics say hinder corporate governance.
- Nintendo's stock rose 2.4% before paring gains.
- Bank of Kyoto held a 4.19% stake in Nintendo as of September, and both banks aim to comply with policies encouraging reduction of such holdings.
