The Toho Bank, Ltd. agreed to acquire an additional 45% stake in The Toho Credit Guarantee Co., Ltd. from Fukushima Shoji Co., Ltd. for ¥1.2 billion.
March 27, 2015 at 09:30 am IST
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The Toho Bank, Ltd. (TSE:8346) agreed to acquire an additional 45% stake in The Toho Credit Guarantee Co., Ltd. from Fukushima Shoji Co., Ltd. for ¥1.2 billion on March 27, 2015. Under the terms of the transaction, Toho Bank will acquire an additional 270 shares in the transaction. Post transaction, The Toho Bank, Ltd. will hold 50% in The Toho Credit Guarantee Co. In related transactions, The Toho Bank also agreed to acquire stakes in The Toho Lease Co., Ltd, The Toho Information System Co., Ltd, Toho Card Co. Ltd, and The Toho Credit Service Co., Ltd.
Toho Credit Guarantee had net assets of ¥3.04 billion, total assets of ¥10.3 billion, sales of ¥921 million, operating profit of ¥713 million and net income of ¥602 million for the year ending March 2014. The Toho Bank's Board of Directors passed a resolution for the transaction. The conclusion of the share transfer contract is scheduled on April 1, 2015 while the share acquisition is scheduled on April 6, 2015.
The Toho Bank, Ltd. is a Japan-based bank mainly engaged in the provision of financial services. The Banking segment is engaged in deposit affairs, loan business, exchange business and other related business. The Bank is also engaged in the development of electronic computer software, the printing and binding of ledger sheets, as well as securities, leasing, credit card and credit guarantee business.
THE TOHO BANK, LTD. 
