Resona HD Kansai Mirai Financial Group to become a wholly owned subsidiary November 10, 18:23

Resona Holdings, a major financial company, has decided to make the Kansai Mirai Financial Group, a regional banking group headquartered in Osaka, a wholly owned subsidiary.

With the effects of the new coronavirus and other factors, the difficult business environment continues, and we want to speed up decision-making.

According to the announcement, "Resona Holdings" has decided to make "Kansai Mirai Financial Group", which currently holds a 51% stake, a wholly owned subsidiary.

The "Kansai Mirai Financial Group" headquartered in Osaka City is a regional banking group that owns "Kansai Mirai Bank" and "Minato Bank". Resona is a TOB = stock tender offer and exchange for its own stock. All shares will be acquired on April 1st next year.

Sumitomo Mitsui Financial Group, a major shareholder of Kansai Mirai Financial Group, has also agreed to give up all of its 23% stake.

In addition to the declining population and ultra-low interest rates, the business environment of regional banks is becoming more difficult due to the effects of the new coronavirus, and Resona aims to speed up decision-making within the group by making it a wholly owned subsidiary.

At a press conference, Resona Holdings President Masahiro Minami said, "We will aim to become the number one retailer and accelerate growth while preparing for the long-term battle with With Corona."

"Accelerate slimming through integrated group management"

Tetsuya Suga, president of "Kansai Mirai Financial Group," which will become a wholly owned subsidiary of Resona Holdings, said, "We will be able to speedily provide services such as trusts and real estate operations to our customers. I would like to accelerate the development of joint stores with Resona Bank. "