Bank of Iwate Ltd. completed the acquisition of additional 25% stake in Iwagin DC Card Co., Ltd from Mitsubishi UFJ Nicos Co., Ltd, Tokio Marine & Nichido Fire Insurance Co., Ltd and other shareholders.
June 29, 2016
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Bank of Iwate Ltd. (TSE:8345) concluded a basic agreement to acquire an additional 25% stake in Iwagin DC Card Co., Ltd from Mitsubishi UFJ Nicos Co., Ltd, Tokio Marine & Nichido Fire Insurance Co., Ltd and other shareholders for approximately ¥280 million on March 10, 2016. A contract is expected to be concluded on May 18, 2016. Bank of Iwate Ltd. concluded a contract to acquire an additional 25% stake in Iwagin DC Card Co., Ltd on May 18, 2016. Bank of Iwate Ltd will issue 730 shares for every share of Iwagin DC Card Co., Ltd. Mitsubishi UFJ Nicos Co., Ltd and Tokio Marine & Nichido Fire Insurance Co., Ltd will sell 6% stake each. In a related transaction, Bank of Iwate Ltd signed a basic agreement to acquire additional 91.3% stake in Iwagin Lease & Data Co.,Ltd. from shareholders for ¥1.8 billion and Bank of Iwate 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. After the transaction, Iwagin DC Card Co., Ltd will operate as a wholly owned subsidiary of Bank of Iwate Ltd.
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 approval of shareholders' of IWAGIN DC CARD CO.,LTD in a meeting to be held on June 24, 2016. The transaction is not subject to approval of shareholders’ of Bank of Iwate Ltd. The Board of Directors of Bank of Iwate Ltd passed a resolution for the basic agreement on March 10, 2016 and for the contract on May 18, 2016. The transaction is expected to be completed on June 30, 2016. Deloitte Tohmatsu Financial Advisory Co., Ltd and Minamiaoyama FAS Corporation calculated the exchange ratio.
Bank of Iwate Ltd. (TSE:8345) completed the acquisition of additional 25% stake in Iwagin DC Card Co., Ltd from Mitsubishi UFJ Nicos Co., Ltd, Tokio Marine & Nichido Fire Insurance Co., Ltd and other shareholders on June 30, 2016.
Bank of Iwate Ltd is a Japan-based company mainly engaged in the banking business. The Company operates through two business segments. The Banking segment provides deposit business, lending business, domestic exchange business, foreign exchange business, commodity securities trading business, securities investment business, trust business, corporate bond trust and registration business, and other incidental business. It is also engaged in the cash settlement and consolidation operations. The Leasing Business segment is engaged in leasing and computer contract processing business. It also provides credit card services and credit guarantee services.
Bank of Iwate Ltd. completed the acquisition of additional 25% stake in Iwagin DC Card Co., Ltd from Mitsubishi UFJ Nicos Co., Ltd, Tokio Marine & Nichido Fire Insurance Co., Ltd and other shareholders.
THE BANK OF IWATE, LTD. 
