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Kiyo Bank Absorbs Wakayama Bank

10, 10. 2006

Kiyo Bank and Wakayama Bank, both controlled by Kiyo Holdings Inc., merged and restarted as new Kiyo Bank on Oct. 10. The new bank becomes the only regional bank based in Wakayama Prefecture, western Japan.

The bank is scheduled to receive the public fund of 31.5 billion yen under the government’s recapitalization program. It plans to accelerate the bad loans disposal and invest in information technology.

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