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Toshiba to Transfer All Shares of Toshiba Finance to Aeon Financial Services

11 Apr, 2013

TOKYO—Toshiba Corporation (TOKYO:6502) today announced that it has entered into an agreement with Aeon Financial Services Co., Ltd (AFS) on the transfer of all the shares of its subsidiary, Toshiba Finance Corporation (Toshiba Finance), to AFS. The share transfer will be complete at May 16, 2013.

In line with its corporate policy of promoting business restructuring to enhance core activities and channel resources to growth areas, Toshiba span-off the corporate financial services business of Toshiba Finance into a subsidiary that it transferred to IBJ Leasing Co., Ltd. in February 2012. The surviving Toshiba Finance's business focus has been on consumer credit services.

Positioning Toshiba Finance as a consolidated subsidiary of AFS will give the company access to AFS's extensive resources and allow it to reinforce its consumer credit business. Toshiba will be able to improve its consolidated balance sheet and enhance financial liquidity by reducing its obligations in respect of financial guarantees and interest-bearing debt.

Toshiba will continue to evaluate its activities and operations in order to make timely investments in core businesses, promote restructuring and channel resources to growth areas, in order to ensure a robust, sustainable business structure.

Overview of Toshiba Finance Co., Ltd.

Representative:  Yoshiaki Haraoka
Established:  1959
Capital:   3.91 billion yen
Holding Ratio:  100% Toshiba Corporation
Head Office:  Osaki, Shinagawa-ku, Tokyo
Employees:  Approximately 350
Total assets:   83.651 billion yen (as of March 31, 2012)
Business:  Credit sales and personal loans

 

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