Expanding ASEAN Financial Services by Making AFC a Subsidiary
First written in FY2017-Q3. 1 of 3 entries say "Restated". Latest entry: FY2018-Q1.
The whole theme swung hardest in 2020: 2 of 9 companies on the "Worse" side.
13 other companies' latest entry also says "Advanced".
- FY2018-Q1AdvancedAnnual report
「On 31 July 2017, Resona Bank, Ltd., a subsidiary of the Company, acquired all shares of AFC Merchant Bank (ASEAN FINANCE CORPORATION LIMITED), based in Singapore, and made it a subsidiary. Effective the same date, the company's name was changed to Resona Merchant Bank Asia Limited.」
The acquisition of all AFC shares and its conversion into a subsidiary was completed on 31 July 2017, and its name was changed to Resona Merchant Bank Asia Limited. The expansion of ASEAN financial services through AFC continues. - FY2017RestatedAnnual report
「Completion of the share acquisition was scheduled for the first half of fiscal 2017, subject to obtaining the necessary approvals from relevant authorities and other bodies.」
The policy of making AFC a subsidiary and providing ASEAN financial services from Singapore through AFC continues. - FY2017-Q3First statedAnnual report
「Going forward, through AFC, the Resona Group will expand its overseas services by providing lending, M&A advisory and other financial services from Singapore, the region's financial hub, primarily to Japanese corporate customers expanding into ASEAN and other nearby markets.」
The Group first stated its policy of making Singapore-based AFC a subsidiary to incorporate ASEAN financial capabilities and local information. The voting rights ownership ratio after the acquisition was expected to be 100.0%, with completion of the share acquisition scheduled for the first half of fiscal 2017, subject to shareholder approval and the necessary approvals from relevant authorities and courts.