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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Asbisc | LSE:ASB | London | Ordinary Share | CY1000031710 | ORD USD0.20 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 150.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9283O Asahi Bank Ltd 19 December 2001 The Asahi Bank, Ltd 1-2 Otemachi 1-chome, Chiyoda-ku Tokyo 100-8106, Japan December 18, 2001 FSA Approval of Closure of Overseas Offices The Asahi Bank, Ltd (President: Yukio Yanase)(the "Bank") hereby gives notice that the Financial Services Agency of Japan has approved closure of all of the Bank's overseas offices today. The Bank announced that it would close all of its overseas offices (including overseas branch offices and overseas subsidiaries) by September, 2002 in its initial plan announced in May, 2001. However, as announced in the management reforms to be implemented by the Bank under the "180 Days of Reform," the Bank has decided to implement the closure of the overseas offices ahead of the schedule as one of the measures to drastically improve efficiency of its asset portfolio, and has obtained approval from the Financial Services Agency for closure of all of its overseas offices today. The Bank plans to discontinue dealings with its customers at the overseas branches by the end of December, 2001, and to reduce the assets of the overseas branches to zero by the end of March, 2002. With respect to Asahi Bank of California, the Bank is currently at the final stage of negotiation and procedure for its sale, and its sale is scheduled to be completed by the end of February, 2002. As a result, all of the Bank's overseas branch offices and overseas subsidiaries will be effectively closed within this fiscal year, and accordingly, the capital adequacy ratio which the Bank will be required to maintain in respect of settlement of its accounts for the fiscal year ending March 31, 2002 will be that for banks without international operations, instead of the current ratio required for banks with international operations. However, even though the Bank will be required only to maintain the capital adequacy ratio required for banks without international operations, it is expected that the Bank will maintain a capital adequacy ratio of more than 9%, which is over the ratio required for banks with international operations. As a result of the foregoing, the Bank will be able to further concentrate its management resources on retail banking businesses focused on local communities, in line with the business objective which the Bank has been pursuing. At the same time, even if economic environment materially worsens, the Bank will be able to maintain management power sufficient to contribute to local finance needs, because the Bank will no longer subject to the capital adequacy requirement applicable to banks with international operations. The Bank will establish a "super regional bank" through the management consolidation with the Daiwa Bank Group, which will have a business model different from that of "mega banks." Through enhancement in financial services serving local communities, the Bank will aim at establishing a new financial group which will have a strong franchise and will be able to provide its retail customers with services of the highest quality. (Reference) March 31, 2001 September 30, 2001 March 31, 2002 Overseas branches (Number of branches) New York, London, New York, London, Hong Kong,Shanghai Hong Kong,Shanghai Seoul, Singapore, Seoul, Singapore, Labuan, Sidney (8) Labuan, Sidney (8) (0) Overseas subsidiaries (Number of subsidiaries) Asahi Finance Asahi Finance Asahi Finance (Cayman), (Cayman), (Cayman)* Asahi Bank of Asahi Bank of California (2) California (2) (1) Assets Y1,664.7 billion Y1,146.9 billion 0 * Only Asahi Finance (Cayman), which is a financing company for the Bank, will remain as an overseas subsidiary of the Bank. This press release may contain important information, as set forth in Article 166 of the Japanese Securities and Exchange Law, concerning the business of the Bank. In case that a person who receives such information by viewing this web site conducts any sale, purchase or other certain securities or instruments issued by the Bank, until 12 hours pass from the time when such information was disclosed to the designated media, such conducts may be deemed to be a violation of the Law.
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