Bank of Yokohama and Higashi-Nippon Bank to be Merged in April 2016

The Kanagawa Prefecture-based Bank of Yokohama and Tokyo-based Higashi-Nippon Bank came to a final agreement on Tuesday to merge under their new holding company, Concordia Financial Group Ltd.

The local banks said they are expecting the new Tokyo-based holding organization to help increasing net benefit. The new bank will be named Concordia Financial Group and head office to be placed at Nihonbashi, Tokyo. Concordia means harmony and cooperation in Latin languages. This merge will produce the biggest regional bank in Japan as 17 trillion yen will be under their management.

The two banks plan to open joint branches and incorporate their PC frameworks to improve their business courses of action for Tokyo and its region including Kanagawa Prefecture.

Higo bank from Kumamoto and Kagoshima bank from Kagoshima will be merged in October this year. Regional banks try to be as stable as possible by merging and restructuring of regional banks are in active.