Signing of the Company Split Agreement on Asset Management Functions of the Group
October 1, 2019
Resona Holdings, Inc.
Resona Holdings (President: Kazuhiro Higashi) has been preparing for dividing asset management functions of Resona Bank (President: Kazuhiro Higashi) and integration into Resona Asset Management (President: Akihiko Nishioka). We hereby announce that Resona Holdings, Resona Bank and Resona Asset Management have entered into a company split agreement, following the resolutions adopted by their respective boards of directors.
The company split and integration of asset management functions is subject to regulatory approval.
Consolidation of asset management functions of the Group
The Resona Group consolidates asset management resources into Resona Asset Management with the aim of strengthening the asset-management capability of the Group. The Group also intends to establish a system to provide high-quality asset management services for retail clients, as well as for institutional investors. We also will continually engage in stewardship activities including dialogue and engagement with investee companies more effectively.
Strengthening governance as an investment company
In order to further strengthen our investment governance, Resona Asset Management plans to transition from a Company with Board of Company Auditors to a Company with an Audit and Supervisory Committee, with newly-appointed two outside directors. Resona Asset Management as an investment manager will strengthen the supervision and check function and the management regarding conflict of interest.
Encouraging household asset building by cooperating with regional financial institutions
The Resona Group will provide regional financial institutions with an asset building support knowledge and ability accumulated through our business experience in the Group, and through their network high-quality asset management services of Resona Asset Management in order to realize growing wealth to wide-range of customers.
Summary of the Company Split Agreement (including overview of the Newly Integrated Company)
|Integration date||January 1, 2020|
|Method of the Integration||Rights and obligations relating to part of the asset management operations of Resona Bank will be transferred to Resona Asset Management.|
|Company Name||Resona Asset Management Co., Ltd.|
|Head Office||Fukagawa Gatharia W2 Bldg., 5-65, Kiba 1-Chome, Koto-ku, Tokyo|
|Representative||Akihiko Nishioka, Representative Director|
|Lines of Business||Investment management business, investment advisory and agency business|
|Capital Stock||1,000 million yen|
|Major Shareholders||Resona Holdings - 100%|
|Governance Structure||Company with an Audit and Supervisory Committee|
|Expected Directors||Refer to the attached PDF|
|Organizational Structure||Refer to the attached PDF|
Summary of the Parties (As of March 30, 2019)
|Company Name||Resona Bank, Limited||Resona Asset Management Co., Ltd.|
|Head Office||2-1, Bingomachi 2-chome, Chuo-ku, Osaka||Fukagawa Gatharia W2 Bldg., 5-65, Kiba 1-Chome, Koto-ku, Tokyo|
|Representative||Kazuhiro Higashi, Representative Director||Akihiko Nishioka, Representative Director|
|Lines of Business||Banking business, trust banking business||Investment management business, investment advisory and agency business|
|Capital Stock||279,928 million yen||1,000 million yen|
|Establishment Date||May 15, 1918||August 3, 2015|
|Number of Shares Issued||134,979,000,000 shares||3,960,000 shares|
|End of Fiscal Year||March 31||March 31|
|Number of Employees||9,001||38|
|Major Shareholders||Resona Holdings - 100%||Resona Holdings - 100%|
|Assets Under Management (AUM)||16,415.7 billion yen
As of March 31, 2019
|977.4 billion yen
As of March 31, 2019
|Most Recent Earnings:Fiscal year 2019||Ordinary income 493.7 billion yen
Ordinary profits 130.7 billion yen
Net income 907 billion yen
|Operating income 1.82 billion yen
Ordinary profits 0.22 billion yen
Net income 0.16 billion yen
- *With regard to "Expected Directors" and "Organizational Structure", please refer to the attached PDF.