September 26, 2017 / 9:50 AM / 3 years ago

BRIEF-Resona Holdings says business integration between Minato Bank, Kansai Urban Banking and Kinki Osaka Bank

Sept 26 (Reuters) - Resona Holdings Inc

* Says the six companies, Resona Holdings Inc (Resona Holdings), Sumitomo Mitsui Financial Group Inc (SMFG), Sumitomo Mitsui Banking Corporation (SMBC), Minato Bank Ltd(Minato), Kansai Urban Banking Corporation (Kansai Urban), and The Kinki Osaka Bank Ltd (Kinki Osaka) have respectively resolved to implement a business integration of the three banks, Minato, Kansai Urban and Kinki Osaka, and executed a business integration agreement

* Says Resona Holdings will incorporate the Holding Company, Kansai Mirai Financial Group, Inc in November, and make the capital contribution of approximately 58.7 billion yen to the Holding Company for the payment for the Kinki Osaka Share Transfer, and the Kinki Osaka will be subsidiary of the Holding Company

* Says Resona Bank will make the loan of 27.4 billion yen to the Holding Company

* Resona Holdings will implement the tender offer, of which the offer price is 2,233 yen per share, up to 6.2 million shares of common stock of Minato

* Resona Holdings will implement the tender offer, of which the offer price is 1,503 yen per share, up to 11 million shares of common stock of Kansai Urban

* After completion of the settlement of the tender offers, Resona Holdings will purchase all of the shares of the preferred stock owned by SMBC at 74 billion yen

* Minato, Kansai Urban will implement share exchanges with the Holding Company and become wholly owned subsidiaries of the Holding Company finally

* Resona Holdings and SMFG will hold 51 percent stake and 22.3 percent to 26.3 percent stake in the holding company respectively

* Says the business integration will be completed on April 1, 2018

Source text in

Further company coverage: (Beijing Headline News)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below