Japan's Resona to take full control of regional lender Kansai Mirai

REUTERS/Yuriko Nakao

Japanese bank Resona Holdings Inc said on Tuesday it would pay up to 66.1 billion yen ($630 million) to take full control of Kansai Mirai Financial Group, giving it economies of scale as it weathers the impact of the pandemic and a low interest rate environment.

Resona, Japan’s fourth-largest lender by assets, will acquire the 49% of Osaka-based regional lender Kansai Mirai it does not already own through a tender offer bid (TOB) and a stock swap, the bank said in a statement.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter