The Michinoku Bank, Ltd. (TSE:8350) agreed to acquire an additional 75% stake in Michinoku Lease Co., Ltd. from JA Mitsui Leasing, Ltd. on December 25, 2014. The Michinoku Bank will acquire an additional 0.14 million shares and on completion will hold 80% stake in Michinoku Lease. Michinoku Lease reported net assets of ¥2.57 billion, total assets of ¥23.02 billion, sales of ¥8.26 billion, operating profit of ¥635 million and net profit of ¥561 million for the year ending March 2014.

As on March 26, 2015, the share transfer contract was signed. The consideration for the transaction is ¥1.89 billion. The Board of Directors of Michinoku Bank passed a resolution for the transaction on March 26, 2015. The deal is expected to complete on April 1, 2015.