The Kiyo Bank, Ltd. (TSE:8370) concluded a share exchange agreement to acquire an additional 45% stake in The Kiyo Card Co.,Ltd. from Kiyo Kosan Co., Ltd., JCB Co., Ltd. and Sumitomo Mitsui Card Co., Ltd. for approximately ¥320 million on August 6, 2018. Under the terms of transaction, The Kiyo Bank, Ltd. will issue 325.9 shares for every one share of The Kiyo Card Co.,Ltd. The Kiyo Bank, Ltd. will acquire 35% stake from Kiyo Kosan Co., Ltd., and 5% stake each from JCB Co., Ltd. and Sumitomo Mitsui Card Co., Ltd. The Kiyo Bank, Ltd. already holds 5% stake in The Kiyo Card Co.,Ltd, and 50% stake in The Kiyo Card Co.,Ltd as held by Hanwa Credit & Guaranty Service Co., Ltd.and Kiyo Information Systems, Ltd. In a related transaction, The Kiyo Bank, Ltd. agreed to acquire remaining 24.5% stake in The Kiyo Card DC Co., Ltd. Upon completion, The Kiyo Card Co.,Ltd. will become a wholly owned subsidiary of The Kiyo Bank, Ltd. For the year ended March 31, 2018, The Kiyo Card Co.,Ltd. had total assets of ¥6.9 billion, net assets of ¥1.7 billion, revenue of ¥1.2 billion, operating income of ¥145 million and net income of ¥98 million. The transaction is subject to approval by shareholders of The Kiyo Bank, Ltd. in a meeting planned to be held on August 27, 2018. The transaction has been resolved by the Board of The Kiyo Bank, Ltd. The transaction is expected to be completed by October 1, 2018. YAMADA Consulting Group Co., Ltd. acted as third-party appraiser in the transaction. The Kiyo Bank, Ltd. (TSE:8370) cancelled the acquisition of an additional 45% stake in The Kiyo Card Co.,Ltd. from Kiyo Kosan Co., Ltd., JCB Co., Ltd. and Sumitomo Mitsui Card Co., Ltd. on August 6, 2019.