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Resona, units to merge credit card subsidiaries

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Resona, units to merge credit card subsidiaries

Resona Holdings Inc. and units Kansai Mirai Financial Group Inc. and Kansai Urban Banking Corp. will realign their credit card subsidiaries by merging Resona Card Co. Ltd. and Kansai Credit Service Co. Ltd., effective April 1, 2019.

Resona Card is a unit of Resona, while Kansai Credit Service is a unit of Kansai Urban Banking.

Under the realignment, Kansai Sogo Shinyo Co. Ltd., the credit guarantee business of Kansai Urban Banking, will succeed all rights and obligations that Kansai Credit Service currently claims and owes in relation to its loan guarantee business for individual customers via a company split.

In addition, Resona Card will acquire all outstanding shares of Kansai Credit Service held by Kansai Urban Banking, making Kansai Credit Service a wholly owned unit of Resona Card. The two entities will then merge, with Resona Card as the surviving entity.

Resona said the realignment is aimed at providing customers with higher-value-added credit card-related products and services by integrating the know-how and customer base cultivated by the two merging units.

Kansai Mirai Financial is an intermediate holding company that was incorporated by Resona as part of plans for Resona and Sumitomo Mitsui Financial Group Inc. to consolidate their regional bank units in Japan's Kansai region. Kansai Urban Banking is a unit of Kansai Mirai Financial.