Bank of Yokohama, Chiba Bank Announce Business Tie-Up

Economy

Tokyo, July 10 (Jiji Press)--Bank of Yokohama and Chiba Bank <8331> said Wednesday that they have reached a basic agreement to collaborate in corporate and retail banking services.

The lenders aim to pursue sustainable growth through the tie-up as Japanese regional banks are struggling with prolonged low interest rates.

Bank of Yokohama, a unit of Concordia Financial Group Ltd. <7186>, is the largest Japanese regional bank in terms of assets, while Chiba Bank is in third place.

Their tie-up may promote realignments and alliances in the Japanese regional banking industry.

"The collaboration will help the two banks meet the needs of customers in terms of quantity and quality of information and services," Bank of Yokohama President Yasuyoshi Oya told a news conference in Tokyo.

[Copyright The Jiji Press, Ltd.]

Jiji Press