Bank of Iwate Ltd. (TSE:8345) signed a basic agreement to acquire additional 70% stake in Iwagin DC Card Co., Ltd. for ¥830 million on March 10, 2016. Under the terms of the agreement, Bank of Iwate Ltd., will acquire 280 shares and post transaction it will hold 300 shares or 75% stake of Wagin DC Card Co., Ltd. In a related transaction, Bank of Iwate Ltd. (TSE:8345) signed a basic agreement to acquire additional 91.3% stake in Iwagin Lease & Data Co.,Ltd. from shareholders for ¥1.8 billion. In a related transaction, Bank of Iwate Ltd. (TSE:8345) signed a basic agreement to acquire remaining 95% stake in Iwagin Credit Service Co., Ltd. from Iwagin Lease Data Co., Ltd., Kyoeki Shoji Co.

Ltd., Iwate Estate Co., Ltd., Sumitomo Mitsui Card Co., Ltd., Mitsui Sumitomo Insurance Co., Ltd. and others in cash and stock on March 10, 2016. For the year ended March 31, 2015, Iwagin DC Card reported total assets of ¥2.8 billion, net assets of ¥2.2 billion, operating profit of ¥703 million and net income of ¥119 million. The transaction is subject to the approval of the shareholders of Iwagin DC Card and relevant authorities.

The Board of Bank of Iwate Ltd passed a resolution for the share acquisition on April 21, 2016. The planned share acquisition contract conclusion date is May 17, 2016 and share acquisition date is May 17, 2016. Deloitte Tohmatsu Financial Advisory Co., Ltd. acted as financial advisor to Bank of Iwate and Minamiaoyama FAS Corporation acted as accountant to Iwagin DC Card.