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Tokai Tokyo Financial Holdings forms business alliance with Hokuhoku Financial Group; spin-off business in unit to JV
Tokai Tokyo Financial Holdings Inc <8616.T> : Says co forms business alliance with Hokuhoku Financial Group Inc <8377.T> . Co sets up a wholly owned unit as preparatory company for joint venture, and Hokuhoku Financial Group will inject capital of 2.4 billion yen in the preparatory company via private placement on Jan. 4, 2017, accordingly raising 60 percent stake in it . New JV named as Hokuhoku Tokai Tokyo Securities Co.,Ltd, and Co and Hokuhoku Financial Group to hold a 40 percent stake and a 60 percent stake in it respectively .Says co will spin-off financial instruments business in co's unit Tokai Tokyo Securities Co Ltd to the new JV, on Jan. 4, 2017.