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Concordia Financial Group, Ltd. (コンコルディア・フィナンシャルグループ株式会社) is a Japanese regional banking group headquartered in Yokohama, Kanagawa Prefecture. The company was established in 2016 through the merger of Bank of Yokohama and Higashi-Nippon Bank, forming the largest regional banking group in Japan by asset size. Concordia aims to improve operational efficiency, increase competitiveness, and address challenges such as Japan's aging population and low-interest rates.
History
editIn 2014, Bank of Yokohama and Higashi-Nippon Bank began discussions regarding a potential management integration.
By 2015, the two banks finalized an agreement to merge through a share transfer, which was subsequently approved by their shareholders.
Concordia Financial Group, Ltd. was officially established on April 1, 2016, and listed on the Tokyo Stock Exchange. The merger allowed the group to streamline operations and share resources while expanding their financial services across the Kanagawa and Tokyo regions.
Operations
editConcordia Financial Group operates primarily through its two banking subsidiaries:
Bank of Yokohama: Founded in 1920, it is the larger of the two banks and serves as the group's flagship institution. The bank operates mainly in Kanagawa Prefecture, providing a variety of financial services, including corporate, retail, and investment banking.
Higashi-Nippon Bank: Established in 1924, this bank focuses on serving small and medium-sized enterprises (SMEs) and individual customers in the Tokyo metropolitan area. It continues to operate under its brand name as part of the group.
Services
editConcordia Financial Group offers a broad range of financial services, including:
Corporate Banking: Loans, financing, and advisory services for businesses, with a focus on SMEs.
Retail Banking: Standard banking products such as deposit accounts, personal loans, mortgages, and investment services.
Digital Banking: Investments in technology to improve customer service through online and mobile banking platforms.
Sustainability and Green Finance: The group supports sustainability initiatives and offers financing for environmentally friendly projects.
Strategic Goals
editConcordia focuses on addressing the economic and demographic challenges facing Japan by:
Promoting Regional Revitalization: The group invests in regional development projects, particularly in Kanagawa and Tokyo, to boost local economies.
Digital Transformation: Efforts to modernize banking services through digital innovation aim to increase operational efficiency and improve the customer experience.
Sustainable Finance: The group has set targets to achieve carbon neutrality by 2030, and actively finances projects related to renewable energy and environmental sustainability.
Regulatory and Governance
editConcordia Financial Group has implemented a comprehensive governance structure, guided by its Corporate Governance Basic Policy, which aims to promote sustainable growth and enhance corporate value over the medium to long term. The governance framework is overseen by the Board of Directors and the Audit & Supervisory Board, which monitor the group's business operations and compliance. The Board conducts regular self-assessments to evaluate its effectiveness, with areas for improvement including discussions on long-term strategy, operational efficiency, and strengthening stakeholder communication.
The Audit & Supervisory Board plays a critical role in ensuring transparency and compliance by auditing the legality and appropriateness of business activities. It reviews internal controls, monitors risk management practices, and provides recommendations to enhance corporate governance. Key audit matters and significant operational updates are regularly reported to the Board of Directors for oversight.
Sustainability Initiatives
editThe group's sustainability efforts are structured around a Sustainability Promotion Structure, led by the Group Sustainability Committee. This committee, chaired by the President, is responsible for formulating and overseeing sustainability policies, identifying priority areas (referred to as "materialities"), and integrating these into business strategies. The six key materialities include measures against climate change, support for local businesses, digital transformation, regional revitalization, lifestyle support for an aging population, and promoting workplace diversity. The committee reports to the Board of Directors approximately every three months to ensure alignment with the group's sustainability goals.
Concordia participates in various international sustainability initiatives and has been included in ESG indexes such as FTSE4Good [1] and the MSCI Japan Empowering Women Index [2], which recognize companies with strong environmental, social, and governance practices. The group also incorporates ESG factors into its executive compensation framework to further strengthen its commitment to sustainable management.