Tokyo, March 27 (Jiji Press)–Shizuoka Financial Group Inc., the parent of Shizuoka Bank, and Bank of Nagoya said Friday that they have reached basic agreement to merge operations in April 2028. Shizuoka Financial will take full control of Bank of Nagoya through an equity swap, placing both banks under its umbrella. The merger will create a major regional banking group with about 22 trillion yen in assets. Shizuoka Bank is based in Shizuoka Prefecture, and Bank of Nagoya in Aichi Prefecture, a central Japan region that hosts many manufacturing companies. The two banks formed a comprehensive business alliance in April 2022. END [Copyright The Jiji Press, Ltd.]
Shizuoka Financial, Bank of Nagoya Reach Merger Agreement
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