The Daishi Bank, Ltd. cancelled the acquisition of the remaining 52.32% stake in Niigata Securities Co., Ltd. from a group of investors.
May 07, 2016
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The Daishi Bank, Ltd. (TSE:8324) signed a share exchange contract to acquire remaining 52.32% stake in Niigata Securities Co., Ltd. from a group of investors for ¥3.6 billion on May 8, 2015. Under the terms of the transaction, Daishi Bank will allot 3.7 common shares for every common share of Niigata Securities. The group of investors include Niigata Securities Employee Shareholding Commission, Securities Japan, Inc., The Taiko Bank,Ltd. (TSE:8537), The Chiba Bank, Ltd. (TSE:8331), Nippon Seiko, K.K., Endo Corporation, The Toho Bank, Ltd. (TSE:8346), The Hokkoku Bank, Ltd. (TSE:8363), Fuyuusya Co., Ltd. , Japan Information Processing Service Co., Ltd. and others. Post closing, Niigata Securities will become a wholly owned subsidiary after completion. The new name of Niigata Securities Co., Ltd. will be Daishi Securities Co., Ltd.
Niigata Securities Co., Ltd. reported net assets of ¥12.4 billion, total assets of ¥21.28 billion, revenue from operations of ¥2.81 billion and net income of ¥638 million as of March, 2015. The transaction is subject to the approval of regulatory agencies and other relevant authorities. The transaction was resolved by the Board of Directors of The Daishi Bank on May 8, 2015. The transaction is expected to complete on October 1, 2015. Nomura Securities acted as appraiser for The Daishi Bank. Mitsubishi UFJ acted as appraiser for Niigata Securities Co., Ltd. City-Yuwa Partners acted as legal advisor for The Daishi Bank. Sato Sogo Law Office acted as legal advisor for Niigata Securities Co., Ltd.
The Daishi Bank, Ltd. (TSE:8324) cancelled the acquisition of the remaining 52.32% stake in Niigata Securities Co., Ltd. from a group of investors on May 8, 2016.
Hokkoku Financial Holdings Inc is a Japan-based company mainly engaged in the provision of financial services such as banking services and leasing service, as well as the operation and management of group companies. The banking business is engaged in the credit guarantee business related to consumer finance, credit card business, business revitalization fund management business, subsidiary accounting concentration business, electronic commerce (EC) mall management business, debt collection management business, system development and operation business. The leasing business is engaged in the provision of leasing services.
HOKKOKU FINANCIAL HOLDINGS, INC. 
