The Toho Bank, Ltd. completed the acquisition of an additional 45% stake in Toho Card Co.,Ltd. from Fukushima Shoji Co., Ltd. and JCB 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 Toho Card Co.,Ltd. from Fukushima Shoji Co., Ltd. and JCB Co., Ltd for approximately ¥660 million on March 27, 2015. Toho Bank will acquire 270 shares in the transaction. In related deals, The Toho Bank, Ltd. (TSE:8346) agreed to acquire additional stakes in 4 more companies. Post transaction, The Toho Bank, Ltd. will hold 50% in Toho Card Co.,Ltd. Toho Card had net assets of ¥3.1 billion, total assets of ¥5.44 billion, sales of ¥933 million, operating profit of ¥406 million and net income of ¥255 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 Toho Card Co.,Ltd. from Fukushima Shoji Co., Ltd. and JCB 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.