The Toho Bank, Ltd. completed the acquisition of an additional 45% stake in The Toho Credit Guarantee Co., Ltd. from Fukushima Shoji Co., Ltd.
April 01, 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. (TSE:8346) completed the acquisition of an additional 45% stake in The Toho Credit Guarantee Co., Ltd. from Fukushima Shoji Co., Ltd. on April 1, 2015.
Toho Bank Ltd is a Japan-based bank mainly engaged in the provision of financial services including banking business. The Bank operates in four business segments. The Banking segment is engaged in deposit business, loan business, exchange business and other related business through the head office, branches and ministries. The Securities segment is mainly engaged in securities business. The Leasing segment is engaged in goods leasing and installment sales business. The Credit Guarantee segment is engaged in credit guarantee business as a finance-related business. The other businesses include business succession support business, corporate investment business and credit card business.