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Aozora Bank to absorb unit's trust business

Aozora Bank Ltd. finalized an agreement to absorb the trust business of unit Aozora Trust Bank Ltd.

The transfer of the business to the parent will take place through a company split, with Aozora Trust Bank as the divesting company and Aozora Bank as the successor company. It is expected to take effect Oct. 1.

Aozora Bank plans to remit ¥51 million to Aozora Trust Bank as consideration for the transfer.

The company does not expect the transfer to have any material effect on consolidated earnings.

As of May 11, US$1 was equivalent to ¥109.40.