Brief: Tokai Tokyo Financial Holdings forms business alliance with Hokuhoku Financial Group; spin-off business in unit to JV

Hokuhoku Financial

21/10/2016 07:38

Oct 21 (Reuters) - Tokai Tokyo Financial Holdings Inc 
 8616.T  : 
     
    * Says co forms business alliance with Hokuhoku Financial 
Group Inc  8377.T   
    * Co sets up a wholly owned unit as preparatory company for 
joint venture, and Hokuhoku Financial Group will inject capital 
of 2.4 billion yen in the preparatory company via private 
placement on Jan. 4, 2017, accordingly raising 60 percent stake 
in it 
    * New JV named as Hokuhoku Tokai Tokyo Securities Co.,Ltd, 
and Co and Hokuhoku Financial Group to hold a 40 percent stake 
and a 60 percent stake in it respectively 
    * Says co will spin-off financial instruments business in 
co's unit Tokai Tokyo Securities Co Ltd to the new JV, on Jan. 
4, 2017 
     
    Source text in Japanese: https://goo.gl/GyegrM ; 
https://goo.gl/G8QSdX ; https://goo.gl/tmvhoh 
    Further company coverage: 8616.T  8377.T  
 
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