The regional banking group Jimoto Holdings will come under effective state control, Sendai – Regional banking group Jimoto Holdings, which controls ailing regional lender Kirayaka Bank, has come under effective state control, with the government holding 63% of the holding company’s voting rights.
At a general shareholders’ meeting on Thursday, Sendai-headquartered Jimoto Holdings confirmed the suspension of dividends on preference shares after reporting a consolidated net loss for the second consecutive year in the fiscal year to March 2024.
The red ink was mainly due to the deterioration in business at Kirayaka Bank, a second-tier regional bank based in Yamagata Prefecture.
