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Japan's Awa Bank to enact 5-to-1 reverse stock split; names 2 new directors

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Japan's Awa Bank to enact 5-to-1 reverse stock split; names 2 new directors

Awa Bank Ltd. is seeking shareholder approval to enact a reverse stock split, name new directors and transition to a company with an audit and supervisory committee.

The bank is looking to carry out a 5-to-1 reverse stock split Oct. 1. The bank's total number of shares after the stock split will be 100 million shares.

Awa Bank is also looking to create an audit and supervisory committee with three or more outside directors. The bank said the move will help improve its corporate value and further enhance corporate governance.

In addition, the bank appointed Shiro Yamato and Atsunori Miura new directors.

Yamato is the bank's managing executive officer and general manager for administration headquarters. Miura is an executive officer and general manager for the bank's Osaka branch.

Shareholders will vote on the proposals at the bank's annual general meeting June 26.