The Miyazaki Bank, Ltd. cancelled the acquisition of Miyagin Guarantee Co., Ltd. from Nisshin Fire & Marine Insurance Co.,Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co., Ltd., Tokyo Marine Nichido Fire & Marine Insurance Company Ltd., Miyazaki Bank Mutual Aid Association, and Miyazaki Shinpan Co., Ltd.
September 25, 2017
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The Miyazaki Bank, Ltd. (TSE:8393) entered in to a contract to acquire Miyagin Guarantee Co., Ltd. from Nisshin Fire & Marine Insurance Co.,Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co., Ltd., Tokyo Marine Nichido Fire & Marine Insurance Company Ltd., Miyazaki Bank Mutual Aid Association, and Miyazaki Shinpan Co., Ltd. for ¥0.20 million on September 26, 2016. Under the terms of transaction, The Miyazaki Bank, Ltd. shall acquire 0.04 million shares and shall issue 57shares for every share of Miyagin Guarantee Co., Ltd. As a result of transaction, Miyagin Guarantee Co., Ltd. will become a wholly owned unit of The Miyazaki Bank, Ltd. As of March 2016, Miyagin Guarantee Co., Ltd. recorded total asset of ¥4,921 million. Board of The Miyazaki Bank, Ltd. has passed a resolution on the deal. Approval of the share exchange contract by the shareholding commission is expected to be received on October 31, 2016. Minamiaoyama FAS Corporation has been appointed as the independent third party appraiser. The transaction is expected to become effective on October 31, 2016.
The Miyazaki Bank, Ltd. (TSE:8393) cancelled the acquisition of Miyagin Guarantee Co., Ltd. from Nisshin Fire & Marine Insurance Co.,Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co., Ltd., Tokyo Marine Nichido Fire & Marine Insurance Company Ltd., Miyazaki Bank Mutual Aid Association, and Miyazaki Shinpan Co., Ltd. on September 26, 2017.
The Miyazaki Bank, Ltd. is a Japan-based bank focusing on banking services and mainly engaged in the financial services include leasing business, credit guarantee services and credit card business. The Bank mainly operates in two segments. The Banking segment is engaged in the deposit and loan services and currency exchange business. The Leasing segment is engaged in the general leasing services. Other businesses include corporate stock and bond investment services, management consulting services, credit guarantee services such as mortgage loan as well as credit card business.
The Miyazaki Bank, Ltd. cancelled the acquisition of Miyagin Guarantee Co., Ltd. from Nisshin Fire & Marine Insurance Co.,Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co., Ltd., Tokyo Marine Nichido Fire & Marine Insurance Company Ltd., Miyazaki Bank Mutual Aid Association, and Miyazaki Shinpan Co., Ltd.