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Kansai Mirai Financial to merge 2 banking units

Kansai Mirai Financial Group Inc. will merge units Kansai Urban Banking Corp. and Kinki Osaka Bank Ltd., with the latter as the surviving entity.

The transaction will take place through an absorption-type merger, and Kinki Osaka Bank will not distribute any shares or cash to Kansai Urban Banking's shareholders.

The merged bank will be named Kansai Mirai Bank Ltd. and the transaction will take effect April 1, 2019.

Kansai Mirai Bank's planning and administrative divisions will be located at Kinki Osaka Bank's current head office, while the business and credit divisions will be located at Kansai Urban Banking's current head office.

In April, Kansai Urban Banking, Kinki Osaka Bank and Minato Bank Ltd. were integrated under Kansai Mirai Financial Group, incorporated under Resona Holdings Inc.

Resona and Sumitomo Mitsui Financial Group Inc. in March 2017 agreed to merge the three regional banks. As part of the merger, Kansai Urban Banking and Minato Bank ceased to be subsidiaries of Sumitomo Mitsui Financial and became equity method affiliates of the group.

Resona said the merger of Kansai Urban Banking and Kinki Osaka Bank will not impact its profit guidance for the current fiscal year ending March 31, 2019.