Bank of Iwate Ltd. (TSE:8345) 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 on March 10, 2016. Iwagin Lease Data, Kyoeki Shoji, Iwate Estate, Sumitomo Mitsui Card, Mitsui Sumitomo Insurance will sell 20%, 20%, 25%, 14% and 6% stake respectively. As per the terms, Bank of Iwate will acquire an additional 70% stake in Iwagin Credit Service by paying ¥638 million in cash and on completion of the acquisition of an additional 70% stake in Iwagin Credit Service, Bank of Iwate will sign a share exchange contract to acquire remaining 25% stake in Iwagin Credit Service by exchanging shares. A contract is expected to be signed by May 17, 2016 for the acquisition of additional 70% stake in Iwagin Credit Service and a contract is expected to be signed by May 18, 2016 for the acquisition of remaining 25% stake in Iwagin Credit Service. In related transactions, Bank of Iwate Ltd. signed a basic agreement to acquire remaining 95% stake in Iwagin Lease & Data Co.,Ltd. and Iwagin DC Card Co., Ltd. On completion, Iwagin Credit Service will become a wholly-owned subsidiary of Bank of Iwate. Bank of Iwate plans to issue 0.14 million common shares to the shareholders of Iwagin Credit Service and Iwagin Lease & Data. Iwagin Credit Service reported total assets of ¥8.1 billion, net assets of ¥1.79 billion, operating profit of ¥879 million and net income of ¥ 98 million during the period ended March 2015. The deal is subject to the approval of the shareholders of Iwagin Credit Service and relevant authorities. The share exchange is expected to be conducted by Bank of Iwate without seeking approval from its shareholders. The share exchange is expected to be conducted after getting approval under shareholders’ meeting scheduled on June 24, 2016. The acquisition of additional 70% stake in Iwagin Credit Service is expected to close by May 17, 2016 and the remaining 25% stake in Iwagin Credit Service is expected to close by June 30, 2016. The board of directors of Bank of Iwate took corporate resolution related to the share acquisition on April 21, 2016. In April 2016, Bank of Iwate Ltd. (TSE:8345) completed the acquisition of 70% stake in Iwagin Credit Service Co., Ltd. Deloitte Tohmatsu Financial Advisory Co., Ltd. acted as valuer for Bank of Iwate Ltd. and Minamiaoyama FAS Corporation acted as valuer for Iwagin Credit Service Co., Ltd. Bank of Iwate Ltd. (TSE:8345) completed the acquisition of 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 on May 16, 2016.