Kyushu Financial Group (7180) · InitiativeAchieved
Enhancing comprehensive regional financial capabilities through the acquisition of a 90% stake in JR九州フィナンシャルマネジメント株式会社
First written in FY2020-Q1. 1 of 2 entries say "Achieved", first in FY2020-Q3. Latest entry: FY2020-Q3.
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Expanding business domains and enhancing corporate value by leveraging management resources from M&A and acquired companiesA theme 297 companies write about · 1 as a headwind · 316 as a tailwind
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- FY2020-Q3AchievedAnnual report
「On 2 October 2019, Higo Bank, a consolidated subsidiary of the Company, acquired 90% of the shares of JR Kyushu Financial Management Co., Ltd. and made it a consolidated subsidiary under the name JR Kyushu FG Lease Co., Ltd.」
The acquisition of shares, intended to enhance the regional comprehensive financial services and regional industry development functions under the Second Group Medium-Term Management Plan, was completed on 2 October 2019, and the company was included in the scope of consolidation as of the same date. Its results for the three months following the acquisition were consolidated, and goodwill of ¥935 million was scheduled to be amortised in full during the current consolidated fiscal year. The acquisition cost was not disclosed due to confidentiality obligations. The assets and liabilities assumed by the acquiring company were ¥18.126 billion and ¥17.641 billion, respectively. - FY2020-Q1First statedAnnual report
「Through this share acquisition, we will further enhance the comprehensive regional financial functions that form a core pillar of the medium-term management plan and further strengthen our regional industry development functions. We will provide customers with more comprehensive solutions while strengthening the group's management foundation and further increasing corporate value.」
Higo Bank resolved to acquire 90% of the shares of JR Kyushu Financial Management Co., Ltd. and signed a share transfer agreement on 5 August 2019. The scheduled acquisition date was 2 October 2019, after which the company was expected to change its name to JR Kyushu FG Lease Co., Ltd. The acquisition was intended to strengthen the regional comprehensive financial services and regional industry development functions under the Second Group Medium-Term Management Plan by bringing a comprehensive leasing business into the group.