Thursday, October 10, 2013
Tokyo Tomin Bank, Yachiyo Bank Merger Moves Forward
The banks aim to turn themselves into a financial group based in Tokyo and Kanagawa Prefecture and strengthen their financial base so that they can better serve their individual and small and midsize corporate customers. They will also streamline their businesses through the merger.
The banks will seek approval from their shareholders at their respective general shareholders meetings scheduled in June next year. They must also obtain approval from the authorities. On Oct. 1, 2014, a joint holding company will be set up.