OREANDA-NEWS. ACOM CO., LTD. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) have each announced on September 27, 2012 that, on condition of approval by the competent authorities, both parties formed a basic agreement to commence consideration of jointly running guarantee business for financial institutions BTMU would succeed from Mobit Co., Ltd. upon termination of joint venture between BTMU and SMBC Consumer Finance Co., Ltd.

Based on the basic agreement, ACOM and BTMU resolved to conclude a share transfer agreement of the joint venture today.

ACOM and BTMU will strive to maximize corporate value of the joint venture by utilizing expertise developed by ACOM, the core consumer finance company within Mitsubishi UFJ Financial Group, through joint operation.

With effect on March 1, 2014, new loan guarantee company, which will be established by ACOM, will succeed Mobit’s guarantee business by means of an absorption-type company split. Concurrently, BTMU will transfer 50% of common stocks of new loan guarantee company to ACOM that BTMU acquires upon this absorption-type company split. Therefore, the new company will be a joint venture of ACOM and BTMU, with each company holding 50.1% and 49.9% of issued shares, respectively.