The Oita Bank, Ltd. (TSE:8392) signed a contract to acquire remaining 53% stake in Oita Lease Co.,Ltd. from a group of sellers for ¥1.8 billion on December 28, 2015. Under the terms of the deal, one share of Oita Lease Co.,Ltd. will be exchanged for 61.68 shares of The Oita Bank, Ltd. Pre deal, The Oita Bank, Ltd. held 47% stake and post deal, it will hold 100% stake in Oita Lease Co.,Ltd. For the year ending March 31, 2015, Oita Lease Co.,Ltd. had net income of ¥370 million and current profit of ¥616 million. The transaction is subject to approval of the share exchange in the shareholders' meeting of Oita Lease Co.,Ltd. scheduled on January 21, 2016.

The transaction was resolved by the Board of Directors of The Oita Bank on December 28, 2015. The tentative date of the share exchange is February 29, 2016. Nomura Securities Co., Ltd. acted as third party appraiser on the deal.