Tokyo TY Financial Group, Inc. completed the acquisition of Shinginko Tokyo Ltd. from Tokyo (City of) and other shareholders.
April 31, 2016
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Tokyo TY Financial Group, Inc. (TSE:7173) signed a basic agreement to acquire Shinginko Tokyo Ltd. from Tokyo (City of) and other shareholders for ¥5.8 billion in stock on June 12, 2015. For the period ending March 2015, ShinGinko Tokyo, Limited reported revenues of ¥7.2 billion, total assets of ¥431.46 billion, total common equity of ¥55.06 billion and net income of ¥1.5 billion. Conclusion of the final agreement concerning the business merger is expected in September 2015. The transaction is subject to approval by Tokyo TY Financial Group, Inc. and Shinginko Tokyo Ltd.'s general meeting of shareholders to be held in November 2015 and by necessary authorities concerned. As on March 29, 2016, the transaction was approved according to the Banking Act. The transaction is expected to be closed by April 1, 2016.
As of September 25, 2015, a share exchange contract was signed. Tokyo TY Financial Group will issue 0.24 share of Tokyo TY Financial Group for every share of Shinginko Tokyo and will allot ¥0.02 million in Tokyo TYFG's Class II preferred shares for Shinginko Tokyo type A preferred shares representing an exchange ratio of 1 Tokyo TYFG's Class II preferred shares for every one Class A preferred share issued by ShinGinko Tokyo. The deal was approved by the Board of Directors of Tokyo TY Financial Group and Shinginko Tokyo. The shareholders meeting will be held on November 27, 2015. Mizuho Securities Co., Ltd. acted as fairness opinion provider for Tokyo TY Financial Group. Deloitte Tohmatsu Financial Advisory LLC acted as valuer for Shinginko Tokyo. TMI Associates acted as legal advisor for Tokyo TY Financial Group. Nagashima, Ohno & Tsunematsu acted as legal advisor for Shinginko Tokyo.
Tokyo TY Financial Group, Inc. (TSE:7173) completed the acquisition of Shinginko Tokyo Ltd. from Tokyo (City of) and other shareholders in stock on April 1, 2016.
Tokyo Kiraboshi Financial Group Inc is a Japan-based company mainly engaged in the provision of banking services, securities services, leasing services, consulting services, and fintech services. The Banking Business Segment is engaged in the main banking businesses, such as deposits, lending, trading of commodity securities, investment in securities, domestic exchange, foreign exchange, and trust services. The Leasing Business segment is engaged in the provision of leasing services as a finance-related business. The company is also engaged in consulting services, computer-related services, information provision services, credit card services, and system development services.