Kinki Osaka Bank Ltd. and Kansai Urban Banking Corp. will begin consolidating their branches as early as autumn 2019 as part of a wider merger plan, The Nikkei reported Dec. 29.
The move is aimed at expediting the group's transition into new management, the report said, citing Tetsuya Kan, president of Kansai Mirai Financial Group, which will become the banks' holding company in April 2018.
Sumitomo Mitsui Financial Group Inc. and Resona Holdings Inc. will integrate Resona's Kinki Osaka Bank with Sumitomo Mitsui Financial units Kansai Urban Banking and Minato Bank Ltd. under Kansai Mirai Financial Group Inc. in April 2018. Resona has launched a tender offer for the common shares of Minato Bank and Kansai Urban Banking as part of the merger.
Under the holding company, Kinki Osaka Bank and Kansai Urban Banking will merge in April 2019.