Bank of Yokohama to Acquire Kanagawa Bank

Tokyo, Jan. 26 (Jiji Press)--Bank of Yokohama, operating chiefly in the eastern Japan prefecture of Kanagawa, plans to acquire Kanagawa Bank, a second-tier regional bank based in Yokohama, the capital of Kanagawa, according to informed sources.

Bank of Yokohama, part of Concordia Financial Group Ltd. <7186>, hopes to take full control of Kanagawa Bank through a tender offer, the sources said.

The acquisition is expected to be worth several billions of yen.

The takeover plan will be announced in early February at the earliest, according to the sources.

In a statement released on Thursday, Concordia Financial Group said it is true that Bank of Yokohama is considering a tender offer to acquire 100 pct ownership of Kanagawa Bank.

[Copyright The Jiji Press, Ltd.]