2 Banks in Chiba Pref. Finalize Integration Agreement

Chiba, March 25 (Jiji Press)--Chiba Bank and Chiba Kogyo Bank said Wednesday that they have reached a final agreement on their business integration.

The two regional banks operating mainly in the eastern Japan prefecture of Chiba, adjacent to Tokyo, will establish Chiba Financial Group Inc. as their holding company on April 1, 2027. Both of them will continue operating under the holding firm.

Chiba Financial will become Japan's third-largest regional bank group in terms of consolidated gross assets.

Chiba Bank President Tsutomu Yonemoto will become president of the holding company, and Chiba Kogyo Bank President Hitoshi Umeda will serve as vice president.

While aiming to improve operational efficiency by sharing their systems, the two banks have decided not to consolidate or close branches as they seek to leverage their existing operational foundations.

[Copyright The Jiji Press, Ltd.]