Tokyo Star Bank, Central Pacific Bank form business alliance
Tokyo Star Bank Co. and Central Pacific Bank have signed a memorandum of understanding regarding a new business alliance serving as a bridge between Japan and Hawaiʻi, according to a news release.
Tokyo Star Bank entered the Hawaiʻi business market in 2019, providing financing to resort hotels and secured loans for real estate located on Oʻahu.
In January 2023, the institution participated in a syndicated loan with Central Pacific Bank for a large-scale resort hotel project, and last month, Tokyo Star Bank customers participated in a Hawaiʻi business seminar held by Central Pacific Bank in Tokyo, deepening the relationship between the two banks.
Through this partnership, Tokyo Star Bank will further expand its Hawaiʻi-related business. The institution will introduce Central Pacific Bank’s services, such as account opening and debit card issuance for non-residents, to its customers who are considering business and investment opportunities in Hawaiʻi.
Tokyo Star Bank will provide domestic business support to Central Pacific Bank customers who are interested in investing in Japan. In addition, the banks will strengthen cooperation to revitalize business exchanges between Japan and Hawaiʻi, such as mutual introduction of financial opportunities in both locations.
“CPB has a long history of doing business with Japan since its founding by Nisei veterans nearly 70 years ago,” said Arnold D. Martines, Central Pacific Bank president and CEO. “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.”
Takeshi Ito, representative executive officer and president of Tokyo Star Bank said, “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 Hawaiʻi, and we will be able to provide highly beneficial services to customers on both sides who are interested in Japan and Hawaiʻi.”