We hereby announce that PNB-Mizuho Leasing and Finance Corporation, a Philippine subsidiary in which we have a 25% stake, has concluded an agreement with Philippine National Bank, our joint venture partner, to wind down its operations, taking into consideration the impact of the COVID-19 pandemic to its operations and the local leasing market.
1. Dissolution schedule
Dissolution date: March 31, 2024 (scheduled)
2. Overview of subject company
Company name: PNB-Mizuho Leasing and Finance Corporation
Head office location: Manila, Philippines
Established: January 1998
Representative: Christine Grace A. Bandol
Capital: 1 billion Philippine pesos
Description of business: Leasing and installment financing
Investment ratio: Philippine National Bank 75%, Mizuho Leasing Company, Limited 25%
3. Future outlook
This matter will have no impact on the Company's consolidated earnings forecast for the current fiscal year.