Announcement Regarding the Conclusion of Merger Agreement between Consolidated Subsidiaries of Resona Holdings, Inc.
December 19, 2018
Resona Holdings, Inc.
Kansai Mirai Financial Group, Inc. ("KMFG" hereafter, President: Tetsuya Kan), one of consolidated subsidiaries of Resona Holdings, Inc.("RHD" hereafter), Kansai Urban Banking Corporation ("KU" hereafter, President: Kazumasa Hashimoto) and The Kinki Osaka Bank, Ltd. ("KO" hereafter, President: Koji Nakamae), wholly-owned subsidiaries of KMFG, have worked on concrete preparations and discussions toward the merger between KU and KO, subject to the approval and permission of the relevant authorities, as announced in the press release on 27 July, 2018 "Announcement Regarding the Merger Between Consolidated Subsidiaries of Resona Holdings, Inc." RHD hereby announces that KU and KO have concluded the merger agreement today. Details are as follows.
1. Objectives of the Merger
Objectives of this merger is to maximize synergies from integration of KU, KO and The Minato Bank, Ltd. (President: Hiroaki Hattori) under KMFG and quickly realize "New Retail Financial Services Model" ,which KMFG is aiming at, and contribute to strengthening the Kansai economy.
2. Outline of the Merger
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April 1, 2019 |
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Absorption-type merger in which KO will be a surviving company and KU will be a disappearing company. |
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KO will not distribute any shares or cash to KU's existing shareholders. |
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No increase in the amount of capital and capital reserve of KO due to the merger. |
3. Outline of the New Bank After the Merger
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Kansai Mirai Bank, Limited. |
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Banking Business |
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2-1, Bingomachi 2-Chome, Chuo-ku, Osaka-shi (Current KO head office address) |
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JPY 38.9 billion |
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JPY 8,240.1 billion (Simple sum of total assets of KU and KO as of March 31, 2018) |
[Corporate Information of Related Companies as of March 31, 2018]
Corporate Name | Kansai Urban Banking Corporation | The Kinki Osaka Bank, Ltd |
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Head Office Address | 2-4, Nishi-Shinsaibashi 1-chome, Chuo-ku, Osaka-shi | 2-1, Bingomachi 2-chome, Chuo-ku, Osaka-shi |
Representative | Kazumasa Hashimoto Representative Director and President |
Koji Nakamae Representative Director and President |
Description of Business | Banking business | Banking business |
Paid-in Capital | JPY 47.0 billion | JPY 38.9 billion |
Date of Incorporation | July 1, 1922 | November 24, 1950 |
Number of Issued Shares | Common Stock 73,791 thousand shares | Common stock 1,827,196 thousand shares |
Fiscal Year-end | March 31 | March 31 |
Number of Employees | 2,638 | 2,185 |
Major Shareholders and Ownership Ratio* | KMFG 100% | KMFG 100% |
- *As of April 1, 2018
[Performance and Financial Condition for FY2017 (consolidated)]
Corporate Name | Kansai Urban Banking Corporation | The Kinki Osaka Bank, Ltd |
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Net Assets | JPY 210.7 billion | JPY 158.9 billion |
Total Assets | JPY 4,709.0 billion | JPY 3,538.0 billion |
Deposits | JPY 4,063.1 billion | JPY 3,247.9 billion |
Loans and Bills Discounted | JPY 3,939.1 billion | JPY 2,416.5 billion |
Ordinary Income | JPY 90,268 million | JPY 56,963 million |
Gross Operating Profit | JPY 66,243 million | JPY 44,869 million |
Net Income | JPY 13,803 million | JPY 6,156 million |
4. Potential Impact of the Merger on Profit Guidance Issued by RHD
The merger will not affect the RHD's profit guidance for fiscal year 2018.
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