Concordia Financial Group, through its subsidiary Yokohama Bank, announced a tender offer to acquire all outstanding shares of Kanagawa Bank, a regional bank based in Yokohama, for approximately JPY 8.2 billion ($74 million). The acquisition aims to integrate the operations of both banks in Kanagawa Prefecture and enhance their financial intermediation functions. The tender offer period is from February 6 to April 4, with settlement starting on April 18. The minimum purchase target is 60.34% of outstanding shares. The two banks have no plans to merge at this time. As of September 2022, Kanagawa Bank had JPY 486.7 billion ($4.4 billion) in deposits, JPY 395.1 billion ($3.6 billion) in loans, and 34 branches. Yokohama Bank is a subsidiary of Concordia Financial Group, which was formed in 2016 through the merger of Yokohama Bank and Tohoku Bank.

As an M&A advisor, it is important to note that this acquisition is a strategic move by Concordia Financial Group to expand its presence in the Kanagawa Prefecture and strengthen its financial intermediation functions. The acquisition of Kanagawa Bank will also provide Yokohama Bank with a larger customer base and a wider range of financial products and services to offer.