Daido Life Insurance Co. will sell part of its home-loan assets to Sanwa Bank, the two companies said Friday.
The assets, held by Daido Life's home-loan unit, are worth 21.5 billion yen, accounting for about half of Daido Life's total mortgage loans.
Daido Life will also sell part of its stake in the home-loan unit to Sanwa Bank, the companies said.
Financial details of the deal were not disclosed but the companies said the transfer of the assets and the stake is expected to be completed in March.
With the deal, Sanwa Bank hopes to boost its home-loan business, while Daido Life intends to streamline its operations, they added.
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