Shimizu Card Service K.K. cancelled the acquisition of Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd..
January 15, 2014 at 09:30 am IST
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Shimizu Card Service K.K. agreed to acquire Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd. (TSE:8364) in stock on January 15, 2013. As per the terms of the deal, 0.57 shares of Shimizu Card Service will be issued for 1 shares of Shimizu Sogo Lease Co. After the transaction, Shimizu Sogo Lease will be dissolved and Shimizu Card Service K.K. will be the surviving company and its name will be changed to Shimizu Lease & Card Co., Ltd. Shimizu Sogo Lease Co had net assets of ¥2.36 billion, total assets of ¥12.24 billion and net income of ¥188.78 million as of March 31, 2012.
The transaction has been resolved by Board of Directors of The Shimizu Bank, Ltd. on January 15, 2013. The transaction is expected to close by April 1, 2013 and therefore, the impact on the business results for the year ending March 2013 is negligible.
Shimizu Card Service K.K. cancelled the acquisition of Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd. (TSE:8364) on January 15, 2014.
THE SHIMIZU BANK, LTD. is a regional bank that operates in three business segments. The Company operates in two business segments. The Banking segment is engaged in the provision of general banking services, including deposit, loan, domestic and foreign exchange, securities trading, securities investment, insurance agency, financial products brokerage and other banking services. The Leasing and Credit Card segment is engaged in the provision of leasing services and credit card services. The other business is involved in the provision of credit guarantee.
THE SHIMIZU BANK, LTD. 
