Suruga Bank Ltd. announced that it will issue 35,089,000 common shares at a price of ¥488 per share for gross proceeds of ¥17,123,432,000 on May 18, 2023. The transaction included participation from new investor, Credit Saison Co., Ltd. for 15.70% shares. The company will issue the shares through third party allocation.

The transaction is expected to complete from July 3, 2023 to September 29, 2023. The company will pay ¥254,890,000 as legal fees, advisory fees and document preparation costs such as securities registration statements.