Tohoku Bank has decided to raise approximately ¥4 billion through a private placement, with local companies expected to be the main subscribers. The funds are expected to be used partly to repay public funds injected in 2012.
Tohoku Bank, headquartered in Morioka, has decided to raise approximately ¥4 billion through a private placement, with local companies expected to be the main subscribers. SBI Holdings, its capital and business alliance partner, is also expected to participate.
The funds raised are expected to be used partly to repay the ¥10 billion in public funds injected in 2012, with the aim of strengthening the bank's capital base.
Tohoku Bank announced on the 29th that it plans to hold an extraordinary general meeting of shareholders in December. The proposal for the private placement is expected to be submitted to the meeting.