Procrea Holdings, Akita Bank, and Bank of Iwate have agreed to start examining a potential business integration, which they aim to complete in April 2028.
Procrea Holdings owns Aomori Michinoku Bank.
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The three banks are based in Aomori, Akita, and Iwate prefectures, respectively, and each has regional development as part of its management policy.
Their cooperation began in April 2000 through the AAI Net alliance, which enabled customers to use the banks’ ATMs without reciprocal fees.
The banks later created Netbix in 2003, a shared business network intended to support business-matching activities across northern Tohoku.
The banks have since taken separate steps to strengthen their operations and support regional economies.
Last year, the former Aomori Bank and former Michinoku Bank merged to create Aomori Michinoku Bank.
Akita Bank and Bank of Iwate have also continued their AkitaIwate Alliance, which focuses on the mutual use of their business bases and management resources.
“The operating environment surrounding the three banks is expected to become even more challenging”, the lenders said citing population declines in the three northern Tohoku prefectures.
They also pointed to a broader range of issues facing financial institutions, including measures relating to frontier AI and cybersecurity.
As a result, they highlighted the need to utilise their “respective strengths and management resources in a synergistic manner to build a stronger and broader management foundation”.
The three banks will now hold discussions and consider the steps required to proceed with the business integration.
