3 Northeastern Japan Regional Banks Move toward Integration Talks

Tokyo, Oct. 2 (Jiji Press)--Three regional banks based in northeastern Japan--Aomori Michinoku Bank, Bank of Iwate and Akita Bank--are moving toward talks on a management integration.

Procrea Holdings Inc., parent of Aomori Michinoku Bank, as well as Bank of Iwate and Akita Bank, said Friday that they would submit proposals to begin such talks to their respective boards the same day.

The integration, if realized, would create the largest regional banking group in the Tohoku region of northeastern Japan, with more than 13 trillion yen in combined consolidated assets.

The three banks' presidents will hold a joint news conference in Morioka, the capital of Iwate Prefecture, on Friday afternoon to explain the rationale for entering negotiations.

Aomori Michinoku Bank, based in the city of Aomori, was formed in January 2025 through the merger of Aomori Bank and Michinoku Bank. The bank has about 5.8 trillion yen in assets.

[Copyright The Jiji Press, Ltd.]