Japanese lenders Ashikaga Holdings and Joyo Bank are in the final stage of merger talks that could create the nation’s third-largest regional banking group with combined assets of JPY15trn ($124bn).
Ashikaga Holdings, a regional banking group based in Tochigi Prefecture, includes Ashikaga Bank, which was nationalised between 2003 and 2008 for rehabilitation. Joyo Bank is based in Ibaraki Prefecture.
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The two banks together operate with 331 branches in Japan, employing a workforce of over 6,500.
According to media reports, the banks are expected to reach a basic agreement in early November 2015 and eventually merge their businesses through a share swap in October 2016.
The two Japanese lenders are expected to combine under a joint holding company, the reports added.
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By GlobalData
