The Howa Bank, Ltd. announced that it has received ¥16 billion in funding from The Resolution and Collection Corporation.
On March 10, 2014, the company announced that the transaction will include participation from new investor, The Resolution and Collection Corporation. The company will receive net proceeds of ¥15,920,000,000 after deducting ¥80,000,000 for registration, license tax, and financial and legal advisor fees.
On March 31, 2014, The Howa Bank, Ltd. closed the transaction. The company issued the securities through third party allocation. The company issued convertible preferred stock in the transaction. Barclays Securities Japan Limited acted as financial advisor to the investor.