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SBI Sumishin Net Bank (SSNB), an internet bank in Japan, has deferred a planned initial public offering (IPO) due to current market volatility in the wake of Ukraine crisis.

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The bank was slated to launch an IPO later this month, reported Reuters. The offering would have raised around JPY132bn ($1.2bn).

Later SSNB also confirmed the postponement in a statement.

“Due to the impact of the situation in Ukraine and recent market conditions, SSNB decided today to cancel the Offering and Secondary Offering and postpone the listing procedures on the Tokyo Stock Exchange.

“Accordingly, the Company announces that it will also cancel the partial sale of shares of SSNB. The Company will promptly announce any decisions or matters that should be disclosed in the future regarding this matter,” the statement said.

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SBI Sumishin Net Bank is equally owned by SBI Holdings and Sumitomo Mitsui Trust Bank.

Since its establishment in September 2007, the lender was gradually expanded its operations and now has more than four million accounts.

According to SBI Holdings website, the bank has around JPY5.5tn in deposits and has issued a cumulative total of more than JPY6tn in mortgage loans.

The listing on the Tokyo Stock Exchange would have made it the first online bank to go public in Japan.  

Recently, it was reported that Japan is planning to freeze assets of four Russian banks from next month.

The move is part of the wider array of sanctions placed on Russian entities in protest of Russia’s invasion on Ukraine.