Shikoku banks go for Tomony

TAKAMATSU, Kagawa Pref. (Kyodo) The joint holding company under which Kagawa Bank and Tokushima Bank, two regional lenders based in Shikoku, will integrate their operations next spring is to be called Tomony Holdings Inc.

The company is scheduled to be launched April 1 with its head office in Takamatsu. Tokushima Bank President Shinichi Kakiuchi is set to become its president and chief executive officer, while Kagawa Bank President Seiji Toyama will be its chairman.

The names of the two banks, which announced their agreement on the business integration in January, will remain unchanged.

"We want to make use of the strengths and knowhow of both banks," Kakiuchi said at a joint news conference with Toyama, adding they are not planning any personnel cuts through the integration.

According to the banks, their combined outstanding deposits will rank ninth among member banks of the Second Association of Regional Banks, and each of their shares will be exchanged for one Tomony share.