The Oita Bank, Ltd. cancelled the acquisition of remaining 53% stake in Oita Lease Co.,Ltd. from a group of sellers.
December 27, 2016
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The Oita Bank, Ltd. (TSE:8392) signed a contract to acquire remaining 53% stake in Oita Lease Co.,Ltd. from a group of sellers for ¥1.8 billion on December 28, 2015. Under the terms of the deal, one share of Oita Lease Co.,Ltd. will be exchanged for 61.68 shares of The Oita Bank, Ltd. Pre deal, The Oita Bank, Ltd. held 47% stake and post deal, it will hold 100% stake in Oita Lease Co.,Ltd. For the year ending March 31, 2015, Oita Lease Co.,Ltd. had net income of ¥370 million and current profit of ¥616 million. The transaction is subject to approval of the share exchange in the shareholders' meeting of Oita Lease Co.,Ltd. scheduled on January 21, 2016. The transaction was resolved by the Board of Directors of The Oita Bank on December 28, 2015. The tentative date of the share exchange is February 29, 2016. Nomura Securities Co., Ltd. acted as third party appraiser on the deal.
The Oita Bank, Ltd. (TSE:8392) cancelled the acquisition of remaining 53% stake in Oita Lease Co.,Ltd. from a group of sellers on December 28, 2016.
Oita Bank Ltd is a Japan-based regional bank mainly is engaged in businesses related to financial services, centered on banking, leasing, and credit card services. The Banking Business segment is engaged in deposit services, lending services, trading of commodity securities, securities investment services, domestic exchange services, foreign exchange services, corporate bond fiduciary and registration services, and ancillary services such as futures trading. The segment is also engaged in accounting-related calculation services as a subordinate business of the bank. The Leasing Business segment is engaged in leasing services to meet local leasing needs. The other business provides debt guarantee services, computer-related services, and investment and loan services to meet the financial needs of both individual and corporate clients.