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Resona Bank to acquire AFC Merchant Bank

Resona Bank Ltd. plans to acquire Singapore-based AFC Merchant Bank and convert it into a wholly owned subsidiary.

Under the proposed deal, Resona Bank will acquire all 100 million shares of AFC Merchant Bank. The bank did not disclose further details about the acquisition.

The acquisition is subject to shareholder and regulatory approval. The Japanese bank hopes to complete the acquisition in the first half of 2017.

AFC Merchant Bank was established in 1981 by major financial institutions in Singapore, Malaysia, Thailand, Indonesia and the Philippines for the purpose of infrastructure development in the region.

Resona Bank is a unit of Resona Holdings Inc.