Chiba Bank (TYO:8331) and Chiba Kogyo Bank (TYO:8337) said they resolved to jointly prepare a share transfer plan to establish Chiba Financial Group as a joint holding company, according to a Wednesday filing.

Tsutomu Yonemoto, president and group CEO of Chiba Bank, is expected to become president and representative director of the new holding company, while Hitoshi Umeda, president and CEO of Chiba Kogyo Bank, is expected to become vice president and representative director.

The holding company is scheduled to be established April 1, 2027, subject to shareholder and regulatory approvals.