Aeon Credit Service Co. Ltd. (TSE:8570) concluded a share exchange agreement to acquire the remaining 90% stake in Aeon Bank Ltd. from Aeon Co., Ltd. (TSE:8267), Bank of Yokohama Ltd. (TSE:8332), Mitsubishi Corporation (TSE:8058), Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation and others for ¥63.1 billion in stock on September 12, 2012. For each share of Aeon Bank (common stock, Class A common stock and Class B common stock), 23.7 shares of Aeon Credit Service common stock will be issued and Aeon Credit will issue 42.66 million shares in the transaction. Aeon Credit Service will acquire 1.2 million common shares of Aeon Bank, 0.2 million Class A shares and 0.4 million Class B shares of Aeon Bank. Aeon Credit Service already had 0.2 million Class B shares of Aeon Bank. Aeon Credit Service will operate as wholly owned subsidiary and will change its name to Aeon Financial Service on April 1, 2013 once the management integration comes into effect. Aeon Bank had net assets of ¥56.6 billion, total assets of ¥1.22 trillion, operating revenues ¥34.46 billion, EBIT of ¥34.5 billion and net income of ¥4.27 billion as of March 2012. When the share exchange comes into effect, the majority of the Directors of Aeon Financial Service will be from Aeon Credit Service.

The transaction is subject to approval by Aeon Credit Service's shareholders, Aeon Bank's shareholders and the necessary legal approvals from the concerned authorities. As of November 21, 2012, the transaction has been approved by shareholders of Aeon Credit Service Co. Ltd. Financial Services Agency approved the transaction on December 25, 2012. The transaction is expected to complete on January 1, 2013. Aeon Co., Ltd is paying ¥584 million as part of the advisory fees. Aeon Credit Service engaged Nomura Securities Co., Ltd. while Aeon Bank engaged L.A. Consulting Co. as third-party appraisal organs for the calculation of the common stock exchange ratio under the share exchange. Mori Hamada & Matsumoto acted as legal advisor for Aeon Credit Service and Uryu & Itoga acted as legal advisor for Aeon Bank.

Aeon Credit Service Co. Ltd. (TSE:8570) completed the acquisition of the remaining 90% stake in Aeon Bank Ltd. from Aeon Co., Ltd. (TSE:8267), Bank of Yokohama Ltd. (TSE:8332), Mitsubishi Corporation (TSE:8058), Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation and others on January 11, 2013.