Ikeda and Senshu integrate with BTMU support
The Bank of Ikeda, Ltd. and the Senshu Bank Ltd., a consolidated subsidiary of the Bank of Tokyo-Mitsubishi UFJ, Ltd., have entered into an agreement concerning their business integration with BTMU.
The new integrated company to be incorporated on 1 October 2009 is expected to be an equity method affiliate of BTMU. As a leading independent financial group in the Kansai region, the new integrated company will not only contribute to the development of the regional society and economy, but will also aim for the improvement of its enterprise value.
In order to respect the business independence of the new financial group consisting of Ikeda, Senshu and the new integrated company, BTMU plans to divest a part of its common stock in the new integrated company through, including but not limited to, the creation of a trust to dispose of the stock. By doing so, BTMU intends to exclude the new integrated company from an equity method affiliate of Mitsubishi UFJ Financial Group, Inc. by 30 September 2014 at the latest.
MUFG and BTMU intend to support the effort of Ikeda and Senshu toward such business integration. BTMU also intends to continuously and appropriately support the development of the new financial group, and BTMU Chairman Nobuo Kuroyanagi will be seconded as an outside director to the new integrated company upon its incorporation.
Senshu will no longer remain a consolidated subsidiary of BTMU after the incorporation of the new integrated company.
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