Shimizu Card Service K.K. cancelled the acquisition of Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd..
January 15, 2014 at 04:00 am
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Shimizu Card Service K.K. agreed to acquire Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd. (TSE:8364) in stock on January 15, 2013. As per the terms of the deal, 0.57 shares of Shimizu Card Service will be issued for 1 shares of Shimizu Sogo Lease Co. After the transaction, Shimizu Sogo Lease will be dissolved and Shimizu Card Service K.K. will be the surviving company and its name will be changed to Shimizu Lease & Card Co., Ltd. Shimizu Sogo Lease Co had net assets of ¥2.36 billion, total assets of ¥12.24 billion and net income of ¥188.78 million as of March 31, 2012.
The transaction has been resolved by Board of Directors of The Shimizu Bank, Ltd. on January 15, 2013. The transaction is expected to close by April 1, 2013 and therefore, the impact on the business results for the year ending March 2013 is negligible.
Shimizu Card Service K.K. cancelled the acquisition of Shimizu Sogo Lease Co., Ltd. from The Shimizu Bank, Ltd. (TSE:8364) on January 15, 2014.
Shimizu Bank Ltd is a bank mainly engaged in the financial services business including banking business and leasing business. The Company operates in two business segments. The Banking segment is engaged in the deposit business, loan business, domestic and foreign exchange business, securities trading business, securities investment business, investment trust sales business, insurance agency business, financial products brokerage and other banking services through the head office, branches and ministries. The Leasing and Credit Card segment is engaged in the provision of leasing services and credit card services through its consolidated subsidiaries. The other business is involved in the provision of credit guarantee though its consolidated subsidiaries.