Japanese regional lenders Ashikaga Holdings and Joyo Bank have agreed to merge in a deal that could create the nation’s third-largest regional banking group.
Under the terms of the transaction, Ashikaga would rebrand under a new holding company, in which Joyo shareholders would secure 1.170 shares for each Joyo share they own.
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Joyo Bank would be delisted on 28 September 2016 following the business integration, with the share swap scheduled to take place on 1 October 2016.
The merged entity would operate in the Northern Kanto region with 331 branches, managing nearly JPY13trn in deposit balance, about JPY 10trn in loans and about JPY4trn in securities.
The new holding company would have two representative directors, with Joyo given the right to appoint representative director and president and Ashikaga Bank having the right to appoint representative director and vice president.
Ashikaga is based in Tochigi Prefecture, while Joyo Bank is headquartered in Ibaraki Prefecture. The location of the head offices of Joyo and Ashikaga Bank will remain unchanged following the merger, Ashikaga Holdings said in a release.
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