On October 12, 2006, Mizuho Corporate Bank, Ltd. (MHCB: President & CEO, Hiroshi Saito) and The Michinoku Bank, Ltd. (President, Yasuo Sugimoto) entered into a share purchase agreement and a strategic business cooperation agreement, as described below:
- 1.Share Purchase Agreement
Subject to the approvals of the competent regulatory and supervisory agencies in Japan and the Russian Federation, MHCB will acquire 100% of the issued and outstanding stock (10 million shares) in The Michinoku Bank (Moscow) Ltd., the Russian subsidiary of The Michinoku Bank, Ltd.
- 2.Strategic Business Cooperation Agreement
MHCB and The Michinoku Bank, Ltd. will collaborate to enable MHCB to provide its customers with Russian-related business support, including but not limited to the referral of customers to The Michinoku Bank (Moscow) Ltd., until the aforementioned share purchase is completed.
MHCB is increasing its presence in Russia in order to further strengthen its Russian-related business and provide on-site support to Japanese corporate customers that are establishing or expanding business operations in the Russian Federation, a country that, as one of the so-called BRIC countries, is receiving a great deal of attention.