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Resona Bank to transfer asset management operations to affiliate

Japan's Resona Holdings Inc. signed an agreement to transfer Resona Bank Ltd.'s asset management operations to Resona Asset Management Co. Ltd.

The group and its two subsidiaries entered into a company split agreement following resolutions adopted by the companies' respective boards of directors. The move, subject to regulatory approval, is part of the group's plan to consolidate its asset management resources, according to an Oct. 1 release.

Resona Holdings set Jan. 1, 2020, as the integration date for the transfer.

Resona Asset Management plans to transition to a company with an audit and supervisory committee, with newly-appointed two outside directors, from a company with a board of company auditors.