The Akita Bank, Ltd. announces an Equity Buyback for 3,000,000 shares, representing 1.64% for ¥1,260 million.
November 22, 2016
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The Akita Bank, Ltd. (TSE:8343) announces a share repurchase program. Under the program, the company will repurchase 3,000,000 shares, representing 1.64% of the outstanding shares for ¥1,260 million. Shares will be repurchased from the Tokyo Stock Exchange Off-Auction Own Share Repurchase Trading (ToSTNeT-3) and by market purchase through trust method. The purpose of the program is to enable the implementation of a flexible capital policy in response to changes in the business environment and to improve shareholder profits. The program will run until December 22, 2016. As of October 31, 2016, the company had 182,503,027 shares outstanding and 1,433,412 shares in treasury.
THE AKITA BANK, LTD. is a Japan-based regional bank. The Bank operates in three business segments. The Banking segment provides the deposit, loan, securities trading and investment, domestic and foreign exchange, bond underwriting and registration services, among others. The Leasing segment is engaged in the leasing business. The Others segment is engaged in the regional economy vitalization support business, management consulting service, the personal loan credit guarantee business, the provision of credit services and others.