Bank of the Ryukyus Ltd. cancelled the acquisition of an additional 44.99% stake in Ryukyu Lease Co., Ltd. from Ryugin Hosho Co., Ltd., Ryucom Co., Ltd., Ryubo Store Co., Ltd., Ryukyu Sogo Hoken Support Co., Ltd. and two other sellers.
March 28, 2015 at 12:00 am EDT
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Bank of the Ryukyus Ltd. (TSE:8399) agreed to acquire an additional 44.99% stake in Ryukyu Lease Co., Ltd. from Ryugin Hosho Co., Ltd., Ryucom Co., Ltd., Ryubo Store Co., Ltd., Ryukyu Sogo Hoken Support Co., Ltd. and two other sellers for ¥660 million on March 28, 2014. Bank of the Ryukyus will acquire additional 0.18 million shares of Ryukyu Lease Co., Ltd. After the transaction, Bank of the Ryukyus will hold 49.96% stake in Ryukyu Lease. Ryukyu Lease reported net assets of ¥3.2 billion, total assets of ¥35.6 billion, net sales of ¥12.3 billion, operating income of ¥525 million and net income of ¥364 million for the year ended March 2013.
The Board of Directors of Bank of the Ryukyus passed a resolution on March 28, 2014. The contract is expected to be signed on April 1, 2014 and the transaction is expected to close on April 4, 2014.
Bank of the Ryukyus Ltd. (TSE:8399) cancelled the acquisition of an additional 44.99% stake in Ryukyu Lease Co., Ltd. from Ryugin Hosho Co., Ltd., Ryucom Co., Ltd., Ryubo Store Co., Ltd., Ryukyu Sogo Hoken Support Co., Ltd. and two other sellers on March 28, 2015.
Bank of The Ryukyus, Limited is a Japan-based regional bank mainly engaged in the provision of financial services for individual and corporate customers. The Bank operates in two business segments. The Banking business includes deposit business, lending business, domestic exchange business, and foreign exchange business, among others. The Leasing segment is engaged in the leasing business. The Company is also engaged in the cash scrutiny organize business, research businesses related to industry, economy and finance and others.
Bank of the Ryukyus Ltd. cancelled the acquisition of an additional 44.99% stake in Ryukyu Lease Co., Ltd. from Ryugin Hosho Co., Ltd., Ryucom Co., Ltd., Ryubo Store Co., Ltd., Ryukyu Sogo Hoken Support Co., Ltd. and two other sellers.
BANK OF THE RYUKYUS, LIMITED 
