Tokyo Star Bank and Central Pacific Bank announce business alliance

 

HONOLULU, HI (Aug. 18, 2023) – Tokyo Star Bank Co., Ltd. and Central Pacific Bank (CPB) announced the companies have signed a memorandum of understanding regarding a new business alliance serving as a bridge between Japan and Hawaii.

Tokyo Star Bank (TSB) entered the Hawaii business market in 2019, providing financing to resort hotels and secured loans for real estate located on Oahu. In addition, in January 2023, TSB participated in a syndicated loan with CPB for a large-scale resort hotel project, and last month, TSB customers participated in a Hawaii business seminar held by CPB in Tokyo, deepening the relationship between the two banks.

Through this partnership, TSB will further expand its Hawaii-related business. TSB will introduce CPB's services, such as account opening and debit card issuance for non-residents, to its customers who are considering business and investment opportunities in Hawaii. TSB will provide domestic business support to CPB customers who are interested in investing in Japan. In addition, the banks will strengthen cooperation to revitalize business exchanges between Japan and Hawaii, such as mutual introduction of financial opportunities in both locations.

Commenting on the partnership, Central Pacific Bank President and CEO Arnold D. Martines said: “CPB has a long history of doing business with Japan since its founding by Nisei veterans nearly 70 years ago. We are pleased to announce our new partnership with Tokyo Star Bank and look forward to working together for the benefit and well-being of our customers for many years to come.”

In addition, Tokyo Star Bank Representative Executive Officer and President Takeshi Ito, commented as follows: “By leveraging our characteristics as a foreign bank, we have mainly focused on cross-border business, such as the expansion of Japanese companies into Asia and the investment support of Asian customers in Japan. We are confident that our partnership with CPB will serve as a bridge between Japan and Hawaii, and we will be able to provide highly beneficial services to customers on both sides who are interested in Japan and Hawaii.”

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About Central Pacific Bank

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.57 billion in assets as of June 30, 2023. Central Pacific Bank, its primary subsidiary, operates 27 branches and 57 ATMs in the state of Hawaii. Central Pacific Financial Corp. is traded on the New York Stock Exchange (NYSE) under the symbol "CPF." For additional information, please visit: cpb.bank