Copyright 2000 AFX News Limited
AFX - Asia
May
31, 2000 Wednesday
SECTION:
COMPANY NEWS
LENGTH:
133 words
HEADLINE:
Daiwa Bank, Bank of Kinki agree to take over Namihaya Bank
DATELINE:
TOKYO
BODY:
Daiwa Bank said it and Bank of Kinki Osaka have agreed with creditors to take over the second-tier regional Namihaya Bank.
Daiwa Bank said its group will take over loan assets totalling 648.2 bln yen from Namihaya, as well as 1,140 employees and more than 68 branches.
However, the bank said financial terms are subject to further negotiations, although the parties involved plan to sign an official contract by the end of July and to conclude the transaction by end-February.
Daiwa Bank said it will use the assets and network of Namihaya to strengthen its position as a super-regional bank, focusing on the Kansai area, and to stabilize the financial industry in the region.