OSAKA -- Daiwa Bank and two regional banks said Friday they have agreed on the final terms of their planned management integration, including a decision to set up a new holding company on Dec. 12.
The new holding company, to be called Daiwa Bank Holdings Inc., will be capitalized at 380 billion yen and will apply for listings on the Tokyo Stock Exchange and the Osaka Securities Exchange, they said. The regional banks are Kinki Osaka Bank and Nara Bank.
Shares of Daiwa and Kinki Osaka will be delisted after Daiwa Bank Holdings is listed, they said.
The banks said they will appropriate one share of Daiwa for one share of the new company, one share of Kinki Osaka for 0.75, and one share of Nara for 14.
The three institutions agreed in August to integrate their management to create the largest financial group in the Kansai region.
Asahi Bank plans to join the new holding company by the end of this fiscal year. If Asahi joins, the holding company will become the nation's fifth-largest banking group with 50.4 trillion yen in combined assets.
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