Announcement regarding change of shareholders in Bank Resona Perdania and business cooperation with The Bank of Yokohama, Ltd and DAIDO LIFE INSURANCE COMPANY
October 29, 2018
Resona Holdings, Inc.
Resona Bank, Limited
Resona Holdings, Inc. ("Resona Holdings") hereby announces that The Bank of Yokohama, Ltd ("[Bank of Yokohama]") and DAIDO LIFE INSURANCE COMPANY ("[Daido Life]") agreed with the existing shareholders to acquire 30.00% and 14.90%, respectively, of outstanding common shares of P.T. Bank Resona Perdania ("Bank Resona Perdania"), a consolidated subsidiary of Resona Bank, Limited ("Resona Bank") (the "Share Transfer").
In addition, while Resona Bank currently holds 43.42% of shares of Bank Resona Perdania, Resona Bank have decided to increase its shareholding to 48.44% through share transfer from the existing shareholder at the same time of the Share Transfer (collectively with the Share Transfer, the "Share Transfers").
In connection with the Share Transfer, Resona Bank agreed to sign Memorandum of Understanding with Bank of Yokohama for mutual cooperation in international businesses, and partnered with Daido Life to offer support in overseas expansion and trade activities for small and medium enterprises.
1. Purpose of the Share Transfers
Bank Resona Perdania was established in 1958 as the first joint venture between Japan and Indonesia. It has long history with 60th anniversary this year, and is Resona group's only consolidated subsidiary which has full banking operations overseas. It is headquartered in Jakarta with 8 offices (HQ, 2 branches and 5 sub-branches) within the Java Island. In addition to Japanese companies, Bank Resona Perdania holds a wide network among Indonesia's local companies and serves various demands for its customers.
Resona group has decided to invite Bank of Yokohama and Daido Life as new important shareholders to achieve further growth of Bank Resona Perdania, which operates in one of the largest ASEAN countries in terms of economic size and population.
2. Ownership of Bank Resona Perdania after the Share Transfers
Bank of Yokohama will acquire 30% shares of Bank Resona Perdania from East Asia Indonesian Holdings limited ("Subsidiary of BEA", a subsidiary of the Bank of East Asia Limited ("BEA"), who is one of the Hong Kong's largest commercial banks). In addition, Daido Life and Resona Bank will acquire 14.90% and 5.02% shares of Bank Resona Perdania from Vision Well Limited ("Vision Well"), respectively. Share ownership of Bank Resona Perdania will be changed accordingly as below after the Share Transfers.
While BEA and Vision Well will not be shareholders of Bank Resona Perdania after the Share Transfers, Resona Bank will maintain its close business relationship with BEA, an important partner in Hong Kong and in Mainland China.
3. Business cooperation with Bank of Yokohama and Daido Life
Resona Bank will mutually cooperate with Bank of Yokohama not only in Indonesia but also in areas such as Singapore (Resona Merchant Bank Asia) and Mainland China (Shanghai branch of Bank of Yokohama) related to their overseas functions and improve capability to serve customer's global business needs.
Resona Bank will cooperate with Daido Life through sharing global expertise and develop customer base by providing support to overseas expansion needs and trade activities.
Business cooperation with Bank of Yokohama and Daido Life primarily consists of below.
- Cooperate on gathering local intelligence;
- Providing local support to customer through referrals of overseas functions;
- Cooperation in providing international business expertise;
- Jointly planning various seminars; and
- Accepting secondment of personnel for the purpose of human resource development
4. Overview of Bank Resona Perdania as of October 29, 2018
|(1) Name||P.T. Bank Resona Perdania|
|(2) HQ Location||Jakarta, Republic of Indonesia|
|(3) Representative||Ichiro Hiramatsu, President Director|
|(5) Paid-in Capital||IDR 405,000 million|
|(6) Year established||February 1, 1958|
5. Overview of Bank of Yokohama and Daido Life
(1) Bank of Yokohama
|(1) Name||The Bank of Yokohama, Ltd|
|(2) HQ Location||1-11-1, Minatomirai 3-chome, Nishi-ku, Yokohama, Kanagawa, Japan|
|(3) Representative||Yasuyoshi Oya, Representative Director, President|
|(4) Primary business||Banking|
|(5) Paid-in Capital||215,628 million Yen|
|(6) Year established||December 16, 1920|
|(1) Name||DAIDO LIFE INSURANCE COMPANY|
|(2) HQ Location||1-2-1, Edobori, Nishi-ku, Osaka, Japan|
|(3) Representative||Minoru Kudo, Representative Director and President|
|(4) Primary business||Life insurance business|
|(5) Paid-in Capital||110,000 million Yen|
|(6) Year established||July 14, 1947|
|October 29, 2018 (Today)||Signing the sales and purchase agreements and business alliance agreements among the relevant parties|
|By end of March 2019 (Expected)||Completion of the Share Transfers|
The Share Transfers are subject to the conditions agreed in the agreements including approvals from relevant regulators and completion of legal procedures in Indonesia.
The impact of the Share Transfers on Resona Holdings' consolidated financial results is expected to be negligible. Any matters requiring disclosure will be promptly informed to the market. In addition, Bank Resona Perdania will continue their banking service to existing customers and strive to further improve service to meet customer needs.
Resona Bank will continue to thrive to strengthen our capabilities to support the needs and demands for overseas expansion, especially in Asia region, of our customers.Download PDF File