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.