Saikyo BankLtd. completed its plan to enhance its capital by issuing type 2preferred stocks and retiring type 1 preferred stocks to meet Basel-IIIrequirements.
As a result, the Japanese regional bank's capital adequacyratio is expected to rise to about 9% at the end of March 2017, according to aJuly 19 statement. It did not provide detailed numbers of the transaction.
Earlier in May, the bank had that it would issue up to 5 milliontype 2 shares at ¥1,000 per share between July 11 and July 19. According to theplan, the company on July 19 would spend ¥2.02 billion out of the ¥5 billionproceeds from type 2 shares to buy back all of its 2.02 million type 1 sharesat ¥1,000 per share. All the repurchased type 1 shares would be retired.
As of July 18, US$1 was equivalent to ¥105.85.