Fukuoka, Eighteenth Bank to merge in wave of Japan regional bank consolidation
25/02/2016 23:31
TOKYO, Feb 26 (Reuters) - Japan's Fukuoka Financial Group
8354.T and Eighteenth Bank Ltd 8396.T said on Friday they
had agreed to merge next year, another example of consolidation
among regional banks as the Japanese industry faces bleak growth
prospects.
The banks, both based in southern Japan, said they had
signed a basic agreement to merge through a share exchange to be
executed on April 1, 2017.
Japan's more than 100 regional banks have been in the
spotlight over the past year due to expectations of mergers and
acquisitions, with the government pressuring them to come up
with long-term strategies to cope with shrinking markets.
(Reporting by Chang-Ran Kim; Editing by Paul Tait)
((ran.kim@thomsonreuters.com; +81-3-6441-1804; Reuters
Messaging: ran.kim.reuters.com@reuters.net))
Keywords: FUKUOKA FINCL EIGHTEENTH BANK/