The Board of Directors of Towa Bank Ltd. (TSE:8558) authorized a share repurchase program on December 3, 2012. Under the program, the company will repurchase up to 3,200,000 shares, representing 1.06% of its common stock, for a total cost of ¥272 million. The repurchases will be made at a price of ¥85 per share, being the closing price of the company shares on December 3, 2012. The repurchases will be made by purchase orders at the Tokyo Stock Exchange Off-Auction Own Shares Repurchase Trading (ToSTNeT-3). The company is repurchasing its shares to carry out stock options as stock compensation to Directors and Executive Officers excluding the external Directors and to implement a flexible capital policy corresponding to changes in the business environment. The repurchases will be made on December 4, 2012. As of November 30, 2012, the company has 302,441,669 shares outstanding and 1,310,399 shares in treasury.


Towa Bank Ltd.'s share repurchase program expired on December 4, 2012. Under the program, the company repuechased 3,000,000 shares, representing 0.99% of its common stock, for a total cost of ¥255 million.