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June 10, 2004

Notice Regarding Transfer of Credit Assets Held by Taiwanese Finance Subsidiary Liang Jing Co., Ltd.

Promise News Releases

On June 10, 2004, Promise Co., Ltd. decided to transfer installment credit assets held by Liang Jing Co., Ltd., a wholly owned subsidiary in Taiwan engaged in automobile installment sales finance, to International Bank of Taipei. Details are as follows.

 

1. Reason for transfer of credit assets

In October 2002, Promise established a joint venture in Taiwan with Ta Chong Bank, a medium-sized Taiwanese bank, to provide guarantees for unsecured loan receivables. From the perspective of consolidating the Promise Group's management resources, Promise has also undertaken deliberations regarding the status of Liang Jing (established in August 1989), which has undertaken its business activities with the aim of future participation in the consumer finance business. These deliberations have included consideration of the advantages and disadvantages of continuing the operations of Liang Jing. Based on these considerations, we decided to transfer Liang Jing's installment credit assets upon determining that our aims were in accordance with those of International Bank of Taipei, which seeks to expand its business base with the takeover of these installment credit assets.

 

* Liang Jing will continue operations following the transfer of the credit assets.  

 

2. Details of the credit assets to be transferred

(1) Details of credit assets to be transferred

A total of 3.9 billion yen in individual automobile installment credit assets will be transferred.

 

 

(2) Liang Jing's business results

 

FY ended December 31, 2003

Recurring profit

142 million yen

Net income

96 million yen

 

3. Outline of business asset transferee

(1) Corporate name: International Bank of Taipei

(2) Principal business: Banking

(3) Established: September 23, 1949

(4) Headquarters address: 36, Nanking E. Rd., Sec. 3, Taipei, Taiwan,R.O.C.

(5) Representative: Show Chung Ho

(6) Capital: NT$21,159 million (1 NT$ = 3.16 yen/end of December 2003)

(7) Number of employees; 2,258

 

4. Schedule

June 10, 2004: Signing of contract for transferringcredit assets

June 21, 2004: Transfer of credit assets

 

5. Outlook for consolidated business results following transfer of credit assets

The transfer of credit assets will have no major impact on Promise's consolidated business results in the fiscal year ending March 31, 2005.



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