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Tochigi Bank to buy Tokai Tokyo Financial's securities unit

Tochigi Bank Ltd. has signed a contract to buy a 58.44% stake in Utsunomiya Securities Co. Ltd., a security brokerage unit of Tokai Tokyo Financial Holdings Inc.

Utsunomiya Securities is scheduled to start operations as a unit of Tochigi Bank on April 3, subject to government approval.

After the closing of the transaction, Tochigi Bank will hold a 60% stake in Utsunomiya Securities, while Tokai Tokyo Financial will hold the remaining 40%.

The two companies had made a preliminary agreement on the deal in August 2016.