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Kansai Urban's Kita to head new bank merged with Biwako Bank

Posted on: Wed, 18 Nov 2009 09:57:00 EST

Symbols: BOKIF

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OSAKA, Nov 18, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) --
BOKIF | Quote | Chart | News | PowerRating -- Second-tier regional banks Kansai Urban Banking Corp. and Biwako Bank said Wednesday that Koji Kita, president of Kansai Urban Banking, will head a new bank to be created through their merger next March.

The banks also said Akira Kitamura, vice chairman of Osaka-based Kansai Urban Banking, which is the surviving entity, will take office as chairman of the new bank on March 1.

On Wednesday, the two banks concluded a contract for the merger and decided to allot 0.75 Kansai Urban Banking share to one Biwako Bank share.

Biwako Bank, based in Otsu, Shiga Prefecture, will be delisted from the First Section of the Osaka Securities Exchange in February.

Kitamura, 58, will also concurrently serve as chief executive officer of the new bank and Kita, 56, as chief operating officer.

Osamu Yamada, the 61-year-old president of Biwako Bank, will assume the vice chairmanship without representative rights, while Tadahiko Ito, 65, chairman of Kansai Urban Banking, will become a special adviser.

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