Bank of Iwate Ltd. completed the acquisition of additional 91.3% stake in Iwagin Lease & Data Co.,Ltd. from shareholders.
May 16, 2016
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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.
Bank of Iwate Ltd. (TSE:8345) completed the acquisition of additional 91.3% stake in Iwagin Lease & Data Co.,Ltd. from shareholders on May 17, 2016.
Bank of Iwate Ltd is a Japan-based company mainly engaged in the banking business. The Company operates through two business segments. The Banking segment provides deposit business, lending business, domestic exchange business, foreign exchange business, commodity securities trading business, securities investment business, trust business, corporate bond trust and registration business, and other incidental business. It is also engaged in the cash settlement and consolidation operations. The Leasing Business segment is engaged in leasing and computer contract processing business. It also provides credit card services and credit guarantee services.