Daiwa Bank Holdings Inc. will make Asahi Bank a wholly owned subsidiary on March 1 through a share-swap scheme, the banks announced Tuesday.
Under the plan, one Asahi common share will be exchanged for one Daiwa Holdings common share in the management integration of the banks, they said in a statement.
Tokyo-based Asahi and Osaka-based Daiwa announced Sept. 21 they had agreed to integrate banking operations to form the nation's fifth-largest banking group, with 50.4 trillion yen in combined assets.