Bank of Iwate Ltd. (TSE:8345) signed a basic agreement to acquire additional 91.3% stake in Iwagin Lease & Data Co.,Ltd. from shareholders for ¥1.8 billion on March 10, 2016. Bank of Iwate will acquire 0.054 million shares of Iwagin Lease & Data and will hold 0.057 million shares post completion. In a related transaction, 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. In a related transaction, Bank of Iwate Ltd. (TSE:8345) signed a basic agreement to acquire additional 70% stake in Iwagin DC Card Co., Ltd. for ¥830 million on March 10, 2016. Iwagin Lease & Data reported total assets of ¥9.4 billion, net assets of ¥3.2 billion, sales of ¥3.9 billion and net income of ¥59 million in the year ending on March 31, 2015.

The transaction is subject to the approval of the shareholders of Iwagin Lease & Data and relevant authorities. The planned share acquisition contract conclusion date is May 17, 2016 and share acquisition date is May 17, 2016. Corporate resolution related to the share acquisition was taken by the Board of Directors of Bank of Iwate on April 21, 2016.

Deloitte Tohmatsu Financial Advisory Co., Ltd. acted as financial advisor and Minamiaoyama FAS Corporation acted as accountant for Bank of Iwate and Iwagin Lease & Data.