Financial Statements

2022

THE TOWA BANK, LTD.

A Message from the President

The Towa Bank will continue“Supporting our customers
when and where needed by meetingwith them to collect information
and accurately ascertain their situation.”
We greatly appreciate your continued patronage of
the Towa Bank, Ltd. (“the Bank”).
During the fiscal year ended March 31, 2022, theJapanese economy continued to recover, despite
negative factors such as the impact of the prolonged
COVID-19 pandemic and supply constraints such as
the shortage of semiconductors caused by a sluggish
supply chain. That said, at present the situation is
growing increasingly uncertain due to soaring raw
material prices resulting from Russia’s invasion of
Ukraine, the rapidly weakening yen, and othercircumstances.
Initiatives that contribute to solving social issues
adopted by the SDGs, including carbon neutrality andthe promotion of active roles for women, are becoming increasingly important in the business environment surrounding regional financial institutions. In
addition, the spread of COVID-19 has brought amajor transformation in lifestyles and economic
activity, while the services that customers demand
have also changed significantly with the accelerationof efforts toward a digital transformation (DX).
Based on Plan Phoenix VI (April 1, 2021 throughMarch 31, 2024), our business reinforcement plan,
the Bank has implemented TOWA Customer Support
Activities in which we work to offer essential cash
flow support that creates an environment in whichcustomers can commit themselves to core business

Hiroshi Ebara
Representative Director,
President & Chief Executive Officer

operations during the COVID-19 pandemic withoutworrying about cash flow, and made efforts to solve
various issues surrounding the management environment. We also offer support of customers’ corebusiness operations, management improvement andbusiness rehabilitation, and asset formation. We will
promote sustainable development on both sides
based on our business model of shared value creation, enhancing the corporate value of our customers and the earning capabilities of both ourcustomers and the Bank.
Under the reorganization of the Tokyo Stock
Exchange’s market segments that took place in Aprilof this year, the Bank was listed on the Tokyo Stock
Exchange Prime Market. The Bank’s entire administration and our employees will work in unity with arenewed resolution to realize a sustainable society
through our efforts in essential cash flow support
and TOWA Customer Support Activities. We ask foryour continued support.
November 2022

Hiroshi Ebara
Representative Director,
President & Chief Executive Officer

2

Profile
Bases of Operation
Since the Bank’s foundation in 1917, we have progressed as a regional bank alongside the development of local
communities. Gunma Prefecture and Saitama Prefecture, which serve as the Bank’s bases of operation, are successfully developing as bedroom towns of the Tokyo metropolitan area, and as industrial and tourist areas thanks
to good public transport infrastructure.
Gunma Prefecture lies roughly in the middle of the Japanese islands, and is a popular “manufacturing prefecture” with an industry centered on transportation equipment. Gunma also has plentiful tourism resources suchas beautiful nature and a great number of hot springs, and is visited by many vacationers and tourists throughout the year.
In Saitama Prefecture, commercial business is growing, backed by the fifth largest population in Japan. In
industry, it is one of Japan’s prime inland industrial prefectures, as the shipments of manufactured goods in thethree industries of transportation equipment, food ingredients, and chemical engineering exceed ¥1 trillion.
We will continue to support active economic communications in the regional communities of each prefecture
while building trust by helping to create affluent lives.

Service Network:
TohokuShinkansen
JoetsuShinkansen

Gunma
Prefecture:
37 branches

Tochigi
Prefecture:
3 branches

Head Office:

Maebashi
Hokuriku
Shinkansen

12-6, Honmachi 2-chome, Maebashi, Gunma
371-8560, Japan
Phone: +81-27-234-1111
URL:
https://www.towabank.co.jp

Takasaki

Omiya

Tokyo:
8 branches

Corporate Data
Established:
Head Office:Phone:
URL:
Capital:
Total assets:
Deposits:
Loans:

SaitamaPrefecture:
41 branches

International Department:
12-6, Honmachi 2-chome, Maebashi, Gunma
371-8560, Japan
Phone: +81-27-234-1959
Fax:+81-27-230-1735
SWIFT: TOWA JPJTTokyo(As of March 31, 2022)

June 11, 1917
12-6, Honmachi 2-chome, Maebashi, Gunma 371-8560, Japan+81-27-234-1111
https://www.towabank.co.jp¥38.6 billion¥2,558.1 billion
Number of branches: 92¥2,136.8 billion
Standalone ATMs:
88¥1,528.1 billion
Number of employees: 1,344

3

Business Model
The Towa Bank’s entire administration and employees work in unity with a business model of “shared value creation,”
which involves enhancing the corporate value of our customers, revitalizing regional economies, and strengthening
the Bank’s earning capabilities by practicing the TOWA Customer Support Activities which work to create an environment in which customers can commit themselves to core business operations without worrying about cash flow, andsupporting customers’ core business operations, management improvement and business rehabilitation, and asset
formation with the following three mottos in mind: Supporting our customers when and where needed by “meetingwith them to collect information,” “accurately ascertaining their situation,” and “never forgetting our modest origins.” Beginning in October 2020, to create an environment in which customers can commit themselves to corebusiness operations without worrying about cash flow during the COVID-19 pandemic, we started essential cash
flow support as accompanying support in which we create an annual cash flow chart in cooperation with ourcustomers, and offer cash flow support on an annual basis. We also support core business operations to resolve
problems or address needs that are picked out during that process.
This support consists of business feasibility assessments through the creation of annual cash flow charts incooperation with our customers, assessing cash flow and business contents, and sharing management problems
and needs with customers. This helps to solve customers’ problems from the aspects of finance and core business. With this support, we aim to increase the sustainability of the customer’s business, and tie this to improvements in corporate value, while strengthening the Bank’s earning capabilities and consequently allowing us toreduce credit costs. We also work to ensure that main and next-tier customers do not discontinue the businesseson which they work so earnestly.

The Towa Bank’s Mottos— Practicing and Reinforcing Relationship Banking —We visit our customers
thoroughly so that we canunderstand their business andfinancial needs exactly.

Essential
Cash Flow Support* Creating an environment in which ourcustomers can commit themselves to corebusiness without worrying about cash flow

We support our customers
suffering from financial
difficulties on a best effort basis.

We aim to be the best bankwith a modest attitude andsupport our customers.

“TOWA Customer Support Activities“
Support ofcustomers’ corebusiness activities

Support ofcustomers’ management improvement

Support ofcustomers’ financial
asset formation

Shared Value Creation

Promotion of Sustainable Development Goals (SDGs) for Customers and the Towa Bank
Increase customers’ sales
and form customers’
financial assets

Revitalize regional
economies

4

Strengthen the Bank’s
earning capabilities

Initiatives for Customer Support Activities
After assessing and accumulating customers’ problems through our daily activities, the Bank offers various kindsof support with the cooperation of the head office and branches and the collaboration with external specialized
agencies. This includes increasing net sales through business matching; improving productivity through subsidy
applications; supporting dispatches of specialized employees through Management Mentor Exchange Meetings;
supporting joint research development with regional universities; supporting overseas advance; supporting business launches through measures such as operating business launch schools; supporting improvements of management for customers in difficult situations such as changes to lending conditions; and supporting asset
formation through the Bank’s promoters.

Business matching· Matching between the Bank’s business partners· Matching listed companies and major buyers· Business Communication Meetings throughcollaboration with three banks in the northern Kanto
region (Japan), etc.
· Online Business Communication Meetings, etc.

Digitalization andDX support· ICT consulting support· Utilization of Towa Big Advance, etc.

Subsidy application
support· Manufacturing subsidies· Subsidies for business restructuring, etc.

Professional humanresources support· Holding Management Mentor Exchange Meetings, etc.
· Collaboration with businesses promoting strategic
staffing services

Technologicaldevelopment

Business succession and
M&A support· Continuation of activities to gain insight into businesssuccession· Focused support by entering into consulting contracts, etc.

Personnel shortages

Fee-based career
introduction business· Leading staff matching business· Highly skilled staffing support, etc.

Overseas advanceSupport for joint researchdevelopment with regional
universities

Customer problems
and needs
Expanding sales
channels
Improvingproductivity
Digitalization/DX

New businesses
Business succession
Achieving SDGs
Management
improvement

SDGs support
Support for overseas
expansion· Towa SDGs Private Placement Bonds· Sustainable finance, etc.
· Support in connection with our International
Department’s Overseas Expansion Support Team· Collaboration with partnered overseas banks and public
institutions

Support for businesslaunches
Support for new businesses· Operating a business launch school· Collaboration with Japan Finance Corporation, etc.
· Utilization of various funds

Support for management
improvement and businessrehabilitation· Support in connection with our Credit Management
Department’s Corporate Support Office· Support to formulate management improvement plans incollaboration with external specialized agencies· Drastic business rehabilitation involving DDS and debt
forgiveness, etc.

Support for asset formation· Promoting savings trusts based on the themes of “longterm,” “diversified,” and “accumulation”· Support for mid- to long-term financial asset formation
for customers· Towa Bank SBI Money Plaza, etc.

Handling inheritancePreparing for long
lifespans· Collaboration with Gunma University· Collaboration with Maebashi Institute of Technology

Assess and accumulate customer problems and needs
through our daily activities

5■ Business Communication Meetings
The Bank has so far held on 16 occasions the Towa ShinseikaiBusiness Communication Meeting, sponsored by Towa Shinseikai,
which is composed of our customers. Backed by various municipal
bodies including Gunma Prefecture and various organizations, it isalso attended by business partners from Tsukuba Bank and Tochigi
Bank based on the collaboration with three banks in the northern
Kanto region (Japan). The meetings have provided openings to
expand business opportunities.
From February 2022, the Bank has held the second full-year
online Business Communication Meeting from the perspective ofpreventing the spread of COVID-19. We conducted individual
business meetings with major corporations and consultations withtechnical experts online, in which a total of 13 companies haveparticipated.

16th Towa Shinseikai Business Communication Meeting■ Management Mentor Exchange Meetings
We were the first regional bank to hold a Management Mentor
Exchange Meeting, when we did so in July 2014 in collaboration
with the Kanto Bureau of Economy, Trade and Industry, building abridge to bring together retired employees of major corporations
who have specialist knowledge or expertise and customers who arestruggling with shortages of specialist human resources. We haveheld the event every year since then, alternating between Gunma
Prefecture and Saitama Prefecture.
The August 2021 Management Mentor Exchange Meeting washeld online from the perspective of preventing the spread of
COVID-19, and was attended by 20 companies.

8th Management Mentor Exchange Meeting (held online)■ Business Launch School
At the 5th Business Launch School held in November 2021 withco-sponsorship by Gunma University, Maebashi Institute ofTechnology, and Kyoai Gakuen University, 16 people (including 7
women) interested in entrepreneurship participated in lecturesfeaturing practical content.
The course was practical in nature, with, among other things,
two graduates of the Business Launch School who have alreadystarted their own businesses presenting their experiences. Oncethe lectures finished, our Relationship Banking Promotion
Department offered continuing support, including help withdrafting business plans and introductions to customers.

Presentations by graduates of the Business Launch School■ Regional Digitalization Seminar
In June 2021, we became the first regional bank in Japan to enter
into a collaboration agreement for regional revitalization with JR
East Marketing & Communications, Inc. Under this agreement, we
will work to offer business matching between our customers andJR East Group companies, develop new products and conduct
tourism campaigns, among other efforts.
In October 2021, a Regional Digitalization Seminar was held at
the Gunma Prefectural Office to discuss how DX can be used tosolve regional issues.
6

Regional Digitalization SeminarInitiatives for SDGs/ESG
The Bank’s business model is based on shared value creation and efforts to strengthen our earning capabilities byworking to enhance the corporate value of our customers through TOWA Customer Support Activities, which
include business expansion and regional job creation. We believe these efforts themselves represent the SDGs
from the perspective of promoting the sustainable development of regional economies and communities.
In April 2019, the Bank formulated the Towa Bank SDGs Declaration, which laid out our approach to the
SDGs and the segments in which we will work proactively. Based on this Declaration, we will continue to implement a variety of measures aimed at achieving the SDGs.
Diagram of scheme for shared value creation

Regional businesses

Enhancement of corporate value andsustainable development

Sustainable development ofregional economies andcommunities
Shared value creation
ES enhancement
Initiatives through
TOWA Customer Support
Activities

Towa Bank
Towa Bank SDGs Declaration

Towa Bank’s own
initiatives

Alliance partners
Public institutions such as local governments, local universities and credit guarantee associations; outside
specialist agencies such as the Regional Economy Vitalization Corporation of Japan and the Council for the
Revitalization of Small and Medium Enterprises; other business alliance partners such as SBI Group; andTochigi Bank and Tsukuba Bank through collaboration with three banks in the northern Kanto region (Japan).

Segments in which the Towa Bank works proactively
1. Promotion of TOWA
Customer Support Activities

2. Contributions toRegional Communities

Initiatives through
TOWA Customer Support Activities⃝Business expansion, job creation, management rationalization, etc., through support for core business
operations⃝Support for core business operations regarding ESG(renewable energy, hiring of people with disabilities, etc.)⃝Support for establishment of SDGs declarations⃝ESG regional financial promotion project⃝SDGs Private Placement Bonds⃝Business continuation through business succession
and M&A

3. Expansion of Fields for
Employees to Play Active Roles

Towa Bank’s own initiatives⃝Response to climate change⃝Holding lectures at local universities (Gunma University, Takasaki City University of Economics, etc.)⃝Acquisition of Platinum Kurumin certification⃝Acquisition of Eruboshi Certification⃝Acquisition of certification as a Health and Productivity Management Outstanding Organization⃝Oze Environmental Beautification Campaign⃝TOWA Prefectural Citizens’ Culture Lectures⃝Towa Yoiko Theater⃝Gunma Marathon volunteers

7

Initiatives through TOWA Customer Support Activities
The Towa Bank supports its customers' core business operations by focusing on ESG factors in their businesses and products, holds seminars to promote understanding and practice of SDGs/ESG, and supports
schools, local governments, and nature conservation organizations, etc., through an SDGs Private Placement Bonds program.

■ Towa SDGs Private Placement Bonds
We handle Towa SDGs Private Placement Bonds as a means of smooth financing to companies that aid the sustainable development of regional economies
and society. With these bonds, the companies can select either a donation or
endowment equivalent to 0.2% of the issued amount to bodies such as
schools, child welfare facilities, or environmental organizations. So far, 56
bonds have been issued for a total of ¥7,600 million.

■ Utilization of the Towa Regional Vitalization FundIn October 2021, the Towa Regional Vitalization Fund made an investment in
SANU Ouryo-chi Inc., its third investment deal. Sanu Inc., which is the parent
company of SANU Ouryo-chi Inc., is a provider of a subscription service ofwood cabins that it built in areas of abundant nature in the suburbs of central
Tokyo and rents to registered members. Through this funding, the businesswill operate its service at “Forest of Ouryouji” in the Kita-Karuizawa region, aleading tourist resort area in Gunma Prefecture. This investment will not only
contribute to improving the environment for accommodations in the KitaKaruizawa area and the promotion of local attractions, but will also revitalize
the region through collaboration with local food and beverage and activities
businesses and the creation of employment opportunities. Through the Fund,the Bank is committed to providing growth capital that can aid in regional
revitalization.

Towa Bank’s own initiatives
The Towa Bank is actively engaged in educational activities in cooperation with local universities, promoting active roles for women and supporting a good balance between work and childcare. The Bank also
actively practices community-based corporate social responsibility (CSR) activities such as the vitalizationof local culture and environmental preservation projects.

■ Educational Activities through Collaboration
with Regional Universities
As part of social contribution activities, we conduct lectures at Gunma University and Takasaki City University of Economics, at which the Bank’s executives and employees, including the president, serve as instructors. Unlike
lectures given by university instructors, these courses are based on the perspective of those actually involved in financial business operations, and arethus of great interest to those attending. Participants can also receive official
credit for the lectures, and the program has been well received as a uniqueinitiative in Japan, contributing to the improvement of financial literacy inthe region.
Accumulated total
number of lectureattendees at Gunma
University

2013

1,480
2022

Accumulated total
number of lectureattendees at Takasaki
City University of
Economics
2015

27,7652022

8

Formulation of the Basic Policy on Sustainability and Response to Climate Change
Initiatives on the TCFD Recommendations
The Towa Bank is in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)*, and is working to enhance its disclosure inline with them.
* TCFD Recommendations: The Task Force on Climate-related Financial Disclosures was established by the Financial Stability
Board. It recommends companies disclose information about climate-related risks and opportunities, etc.

GovernanceIn addition to promoting disclosure in line with the TCFD recommendations, the Bank has adopted a structure under which
deliberations related to climate change response and important matters are conducted in the Sustainability Committee, which
is chaired by the president, and the content of these discussions is reported to the Board of Directors.

Strategy
The Bank is working under the Towa Bank SDGs Declaration and the Basic Policy on Sustainability (see page 10) to increase
our customers’ corporate value and revitalize regional economies, and to achieve shared value creation aiming to strengthen
the Bank’s earning capabilities.
Looking ahead, we will continue to position environmental preservation, including response to climate change, as animportant management theme in order to realize a sustainable society, and promote initiatives from the perspectives of both
opportunity and risk.
Opportunities
By engaging in initiatives such as green finance for renewable energy projects and so forth, as well as transition finance forshifting to decarbonization or low carbon business models, we will support local communities and our customers. (Envisaged
timeline: short term to long term)
Risks
The bank recognizes climate change-related risks as physical risks associated with damage due to increasing abnormal weather
and natural disasters, and transitions risks as we become decarbonized society, such as complying with increased regulations
and shifting to decarbonization technologies.
1. Physical Risks
The occurrence of natural disasters and so forth due to climatechange is expected to increase credit risks for our customers whose
assets or business activities are affected, and to create operationalrisks for the Bank’s branches affected by disasters.
(Envisaged timeline: medium term to long term)

2. Transition Risks
With climate-related regulatory tightening and the advance oftechnological innovation for decarbonization, our customers
whose business activities are affected are expected to present anincreased credit risk.
(Envisaged timeline: short term to long term)

Scenario Analysis
Going forward, to apprehend the impacts of climate change-related risks and opportunities on the Bank, we will examine
methods for conducting scenario analysis and so forth.
Carbon-Related Assets
Carbon-related assets (electric power, energy-sector exposures*) make upof the Bank’s credit balance (as of the end of February, 2022).
* Excluding water services business and renewable energy power generation business

9

0.21%

Ratio of
Carbon-Related
Assets0.21 %

Risk Management• The Bank recognizes climate change-related risks as important risks that have an impact on its business and financial position. We strive to build a system to manage them based on our Basic Policy on Risk Management.
• The Bank has formulated the Basic Policy on Sustainability Conscious Investments and Loans (see page 11) for investments
and loans that have the potential to impact the environment and society from a perspective of climate change countermeasures and realizing a sustainable society.

Metrics and Targets• The Bank is strengthening its initiatives to reduce greenhouse gas (GHG) emissions by utilizing green energy and so forththrough the Gunma Decarbonization Consortium.* We have adopted a CO2 emissions reduction target of net-zero emissions
by FY2030.
The Bank’s FY2020 CO2 emissions were down 23.2% compared to FY2013.
* The Gunma Decarbonization Consortium
A consortium that aims to make “Gumna Prefecture an environment for abundance and sustainability,” by having financial institutions, including the Bank,
cooperate with local companies, governments, and universities to advance planning for clean energy produced and consumed locally, and reduce GHG
emissions.

CO2 Emissions Reduction Target and Results(t-CO2)
6,000

6,074

(t-CO2)

23.2% reduction
vs FY2013

FY2013 results

FY2020 results

CO2 emissions

6,074

4,661

0

(Of which, Scope 1)

1,141

979

—

(Of which, Scope 2)

4,933

3,682

—

CO2 emissions reduction ratio

—

23.2%

Net zero

5,000

4,661

4,000

Net zero
CO2 emissions

3,000
2,000

* The above CO2 emissions are the total of Scope 1 (direct emissions) and Scope 2 (indirect emissions)aggregated in accordance with the periodic reporting standard of the Act on the Rational Use of Energy.

1,000
0

FY2030 target

FY2013
resultFY2020results

FY2030target• Execution Target for Investments and Loans that Contribute to Climate Change Countermeasures (Cumulative Execution
Amount)∙ FY2022–FY2030 ¥200.0 billion

Basic Policy on Sustainability
The Towa Bank Group will work to resolve various social issues, such as environmental issues including climate change,
through the TOWA Customer Support Activities, which the Bank undertakes to increase customers’ corporate value andrevitalize regional economies and local communities. We will contribute to the realization of a sustainable society by creating shared value that aims both to develop regional economies, including the Bank, and increase environmental andsocial value.

10Basic Policy on Sustainability Conscious Investments and Loans
The Towa Bank will implement TOWA Customer Support Activities, in which it works to increase corporate value andrevitalize regional economies and local communities. Through these, we will proactively engage in investments and loans
to help realize a sustainable environment and society by solving customer issues. Moreover, for investment and loans tobusinesses and other entities that are highly likely to have a significant impact on the environment and society, we will
strive to mitigate and avoid negative impacts.
1. Development of regional economies	Our motto is “meeting with our customers to collect information,” and supporting them when and where needed.
By carrying out both TOWA Customer Support Activities and Essential Cash Flow Support we provide investment
and loans that are truly for the sake of the customer.
2. Realizing a decarbonized society	We will accurately respond to the physical risks associated with climate change acceleration, such as natural disasters, and to customers’ business risks associated with the transition to a decarbonized society. At the same time, wewill utilize green energy produced locally for local consumption by the Gunma Decarbonization Consortium, andmake investments and loans to actively encourage customers’ initiatives towards decarbonization.
3. Response to coal-fired thermal power plant businesses
	Coal-fired thermal power has a high potential for much greater GHG emissions than other methods for generating
power. Therefore, the Bank does not provide investment or loans where funds will be used to build new coal-fired
thermal power plants, or extend existing plants.
4. Protection of biodiversity and ecosystems
	Through communication with customers, the Bank conducts investment and loans with sufficient care to ensurethat the recipient is making efforts in their business activities to protect biodiversity and ecosystems. In particular, as
deforestation can have a negative impact on climate change and ecosystems, the Bank does not provide investment
and loans for deforestation of high conservation value forests (HCVFs*1), such as natural forests. We also makeinvestment and loan decisions giving consideration first to the prevention of illegal deforestation, the status ofacquisition of international certification (FSC*2, PEFC*3), and effective use of domestic lumber. In palm oil development, since there are concerns regarding ecosystem destruction, infringement of aboriginal people’s rights, andhuman rights issues such as child labor in the deforestation of natural forests and development of peat bogs, we give
careful consideration to the status of acquisition of international certification (RSPO*4) and trouble with local communities before making investment or loans.
5. Respect for human rights
	Based on the UN Guiding Principles on Business and Human Rights,*5 we will actively support “human rights due
diligence”*6, including in customers’ supply chains, and conduct investments and loans that are sufficiently considerate of respect for human rights.
6. Elimination of development and manufacture of inhumane weapons
	Regardless of the intended use of funds, the Bank will not provide investment and loans to companies engaged in
the development and manufacture of inhuman weapons, such as nuclear weapons, biological, or chemical weapons,anti-personnel mines, and cluster munitions.
*1 High Conservation Value Forests: Forests whose protection is regarded as highly necessary from various perspectives, regardless ofnational or regional laws.
*2 Forest Stewardship Council: An international non-profit organization established for the purpose of spreading appropriate andresponsible forest management globally with a view to environmental conservation.
*3 Programme for the Endorsement of Forest Certification Schemes: A non-profit organization for certifying that the individual forest
certification systems formulated by each country are compatible internationally.
*4 Roundtable on Sustainable Palm Oil: An organization that aims to formulate globally trusted certification standards for promoting
the production and use of sustainable palm oil.
*5 Under the UN’s 2008 “Protect, Respect and Remedy Framework” for human rights (Ruggie Report), the importance of human rights
due diligence has been proposed, and in 2011 the “Guiding Principles on Business and Human Rights,” was established as anaction guideline that companies worldwide should follow.
*6 This refers to companies apprehending the human rights risks associated with business activities and taking measures for prevention and mitigation, including forced labor and child labor in the supply chain.

11

Promoting Active Roles for Human Resources and Creating Environments
For sophistication of human capital, the source of value creation
The Towa Bank views its employees as one key form of capital (human capital) that serves as a source of value
creation, and works on making this human capital more sophisticated. Concretely, the Bank views strengthening
the capabilities of human resources and development of workplace environments as inseparable, and is working
on developing human resources who can play active roles in our business models of essential cash flow support
and TOWA Customer Support Activities. The Bank will continue to work on creating values that are shared
between customers and the Bank by cultivating human resources with both high ambitions and abilities.
Strengthening the capabilities of human resources
Seminars/Off-the-job training
Enhancing leadership
Initiatives to promote active roles for women

Making humancapital moresophisticatedDevelopment of workplace environments
Initiatives to support balancing work and childcare
Work culture that cultivates job satisfaction
Promoting shortened hours, health declarations

Promoting active roles through diverse work styles

Expansion of fields for employees to play active roles/Diversity
Creation of shared values (between customers and the Towa Bank)

Creation of shared social value

Creation of shared economic value

1. Strengthening the Capabilities of Human Resources■E nhancing off-the-job training including seminars

Based on our human resource development program, we hold seminars such as a practical training seminar for public relations and aseminar to strengthen relationship banking skills, and work on the
rapid development of young employees. Additionally, we broadcast
training videos related to cash flow support for public relations officers through our Credit Administration Department, incorporate
topics such as cash flow support, etc., into various seminars foryoung employees, and aim to develop employees who can practically
implement TOWA Customer Support Activities and essential cash
flow support, which are the Bank’s business models.

■ Enhancing leadership

Each year, we select around 15 employees to acquire advanced practical lending abilities, and hold a seminar to develop leaders to practicelending over a total of 18 days. During that time, we strive toimprove abilities to assess business feasibility and support businessrehabilitation, which are necessary for cash flow support and corebusiness operations support, and work on developing employees withleadership skills, who will become the admiration of young
employees.

■ Initiatives to promote active roles for women
We assign women with ambition and abilities tocore business operations such as credit and corporate planning departments, while actively promoting them to the Customer Relations Division
and asset formation promoters.

Column 1

Career Formation That Helps Women Shine
1 What are your future goals?
▶C urrently, in addition to providing individual

customers with suggestions for their assets undermanagement, I also work to provide corporateclients with proposals for business financing, cash
flow support, and other services. My goal is towork not only with existing customers but toincrease the number of new customers who may
not yet be doing business with the Bank by utilizing our network to proactively offer them corebusiness operations support and other services
from now on.
2 I s the work environment comfortablefor women?
▶T he Bank has a system that allows female employ-ees engaged in customer relations to switch to lessphysically demanding work if
they become pregnant, whileremaining in the Customer
Relations Division. Because theworking environment is comfortable for women, we cancontinue our work in customer
relations with peace of mind.
Sayuri Iizuka
Customer Relations Division, Maebashi-Kita Branch

12Column 2

Enhancing Expertise and Experience through DX Support Operations
1 What kind of work do you do?
▶ I provide DX support services for small and medium-sized corporate clients. I mainly support customers in

improving their back-office operations, primarily accounting operations, and in deploying business applications. Currently, I only support the customers of branches that provide DX support on a trial basis, but weplan to expand the service to all of our branches in the future.
2 How did you acquire your skills?
▶ I underwent a training program at an outside firm for about three months. I had no knowledge of DX before I

was assigned to this department, and had a hard time learning the contents of the training program, but I
learned a wide range of topics, from basic operation of PCs, networks, and application tools to information
security. I am now working on my own to acquire more knowledge so that I can be of help to our customers in
improving their operational efficiency.

Ryo Sekiguchi
Consulting Department

2. Development of Workplace Environments■ Initiatives to support balancing work and childcare

As a means to support balancing work and childcare, we work on creating an environment in which it is easy
to use various systems such as childcare leave (a maximum period of seven days starting from the first day ofchildcare leave given as paid leave), shortened work hours for childcare, and paid half-day vacations.

■ Creating a work culture that cultivates job satisfaction

We work on developing human resources, developing environments, and providing opportunities so that
all employees, regardless of age, sex, academic background, or place of origin can play active roles and besatisfied with their jobs.

■ Initiative to promote shortened work hours

Platinum Kurumin
certificationacquired in 2017

We work to promote shortened work hours by, for example, setting targets for leaving times and improving awareness ofworking hours at branch manager meetings and seminars for managerial staff, etc.
Column 3

Working to Achieve Diversity & Inclusion
The Towa Bank is focusing on strengthening its human resource capabilities and improving its workplace environment in order to put its
TOWA Customer Support Activities business model into practice.
First, to strengthen our human resource capabilities, we have created an environment in which many of our employees can improvetheir skills not only through rank-based training and practical training, but also through Saturday study sessions in which employees participate of their own volition, as well as web seminars with content designed to allow them to learn about the topics oftheir choice.
Next, with regard to development of the workplace environment, we are working to support balancing work andchildcare, and to create a work culture that cultivates a sense of fulfillment and job satisfaction. In 2017, we
acquired the Platinum Kurumin certification in recognition of our efforts to support childcare, and in 2022, we
obtained Stage Three of Eruboshi Certification, recognizing our efforts to further women’s participation andadvancement in the workplace. In this way, we are striving to create a system in which all employees can devote
themselves to their work with a sense of satisfaction and security.
Based on our dual goals of strengthening our human resource capabilities and putting in place an improved
workplace, we are nurturing employees who can put the Towa Bank business model into practice and encouraging
ambitious employees to take on new challenges.
Shinichi Ebara
General Manager of the Human Resources Department■ Health declaration
The Towa Bank implements TOWA Customer Support Activities with the following three mottos
in mind: Supporting our customers when and where needed by “meeting with them to collectinformation,” “accurately ascertaining their situation,” and “never forgetting our modest origins.”
We believe that maintaining and improving the health of employees is critical to continuingthese initiatives, and are carrying out the initiatives. In addition, we have been certified as a
Health and Productivity Management Organization.

13

Consolidated Balance Sheets
The Towa Bank, Ltd. and Consolidated Subsidiaries

Millions of yen (Note 1)
2022

March 31,

Assets:Cash and due from banks ���������������������������������������������������������������������������������� ¥  376,579
Call loans and bills purchased ���������������������������������������������������������������������������
0
Trading account securities ���������������������������������������������������������������������������������
0
Money held in trust �������������������������������������������������������������������������������������������
9,985
Securities ������������������������������������������������������������������������������������������������������������
595,291Loans and bills discounted �������������������������������������������������������������������������������� 1,525,600
Foreign exchange �����������������������������������������������������������������������������������������������
832
Other assets ��������������������������������������������������������������������������������������������������������
31,708
Tangible fixed assets ������������������������������������������������������������������������������������������
21,952
Buildings ��������������������������������������������������������������������������������������������������������
4,248
Land ���������������������������������������������������������������������������������������������������������������
15,792
Lease assets (tangible) ������������������������������������������������������������������������������������
50
Construction in progress �������������������������������������������������������������������������������
70
Other tangible assets �������������������������������������������������������������������������������������
1,790
Intangible fixed assets ����������������������������������������������������������������������������������������
3,250
Software ���������������������������������������������������������������������������������������������������������
3,016
Other intangible assets ����������������������������������������������������������������������������������
234
Retirement benefit asset �������������������������������������������������������������������������������������
1,544
Deferred tax assets ���������������������������������������������������������������������������������������������
4,913
Customers’ liabilities for acceptances and guarantees ��������������������������������������
3,598
Reserve for possible loan losses ��������������������������������������������������������������������������
(8,469)Total assets ������������������������������������������������������������������������������������������������ ¥2,566,787

Thousands of
U.S. dollars (Note 2)

2021

2022

¥  383,664
3,708
0
9,990
596,874
1,502,820
1,928
28,99022,864
4,574
16,386
53
4
1,844
2,881
1,072
1,809
345
2,265
3,853
(8,707)¥2,551,480$ 3,076,878
0
4
81,5904,863,886
12,465,073
6,800
259,073
179,365
34,712129,037409
572
14,63326,55924,644
1,914
12,61640,14929,400(69,201)$20,972,198

Notes: 1. Y
 en figures have been rounded omitting numbers below the million mark, in accordance with the Financial Instruments and Exchange Act ofJapan and generally accepted accounting principles and practices in Japan.
2. T he United States dollar amounts represent conversions of Japanese yen, for convenience only, at the exchange rate of ¥122.39 to US$1.00, the rate
prevailing on March 31, 2022.

14

Millions of yen (Note 1)
2022

March 31,

Liabilities:
Deposits �������������������������������������������������������������������������������������������������������������� ¥2,135,975
Call money and bills sold ����������������������������������������������������������������������������������
292,990
Borrowed money ������������������������������������������������������������������������������������������������
84
Foreign exchange �����������������������������������������������������������������������������������������������
5,776
Other liabilities ��������������������������������������������������������������������������������������������������
447
Accrued employee bonuses ��������������������������������������������������������������������������������
43
Net defined benefit liability �������������������������������������������������������������������������������
38
Reserve for director retirement benefits ������������������������������������������������������������
1
Reserve for reimbursement of dormant deposits ����������������������������������������������
216
Reserve for contingent loss ��������������������������������������������������������������������������������
372
Deferred tax liabilities ����������������������������������������������������������������������������������������
7
Deferred tax liability for land revaluation ���������������������������������������������������������
2,063
Acceptances and guarantees ������������������������������������������������������������������������������
3,598
Total liabilities ������������������������������������������������������������������������������������������� 2,441,577
Net assets:
Shareholders’ equity:
Capital stock ������������������������������������������������������������������������������������������������������
38,653
Capital surplus ���������������������������������������������������������������������������������������������������
17,500Retained earnings �����������������������������������������������������������������������������������������������
66,990Treasury stock, at cost ����������������������������������������������������������������������������������������
(217)
Total shareholders’ equity �������������������������������������������������������������������������
122,927
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities �����������������������������������������
(2,341)
Land revaluation account ����������������������������������������������������������������������������������
2,298
Remeasurements of defined benefit plans ���������������������������������������������������������
1,584
Total accumulated other comprehensive income ������������������������������������
1,541
Stock acquisition rights �������������������������������������������������������������������������������������
219
Non-controlling interests ����������������������������������������������������������������������������������
520
Total net assets ������������������������������������������������������������������������������������������
125,209
Total liabilities and net assets ������������������������������������������������������������������� ¥2,566,787

15

Thousands of
U.S. dollars (Note 2)

2021

2022

¥2,104,845—
298,715
33
5,724
432
38
1
287
364
12
2,066
3,853
2,416,376$17,452,206
2,393,904
691
47,196
3,656
358
311
11
1,769
3,042
61
16,86029,40019,949,160

38,653
17,50066,576(304)
122,425

315,824
142,991
547,354(1,780)1,004,391

8,033
2,276
1,612
11,922
265
490
135,103¥2,551,480(19,134)
18,781
12,946
12,5941,796
4,255
1,023,037$20,972,198

Consolidated Statements of Income
The Towa Bank, Ltd. and Consolidated Subsidiaries

Millions of yen (Note 1)

Thousands of
U.S. dollars (Note 2)

2022

2021

2022

Income:Interest on loans and discounts �������������������������������������������������������������������������
Interest and dividends on securities ������������������������������������������������������������������
Other interest income ����������������������������������������������������������������������������������������
Fees and commissions ����������������������������������������������������������������������������������������
Other operating income ������������������������������������������������������������������������������������
Other income �����������������������������������������������������������������������������������������������������
Total income ���������������������������������������������������������������������������������������������

¥18,647
4,213
237
6,081
1,399
6,391
36,970¥19,065
3,835
148
6,003
1,368
6,016
36,437$152,357
34,424
1,943
49,69011,431
52,223302,071

Expenses:
Interest on deposits ��������������������������������������������������������������������������������������������
Interest on call money and bills sold ����������������������������������������������������������������
Interest on payables under securities lending transactions ������������������������������
Interest on borrowings and rediscounts ������������������������������������������������������������
Other interest expenses �������������������������������������������������������������������������������������
Fees and commissions ����������������������������������������������������������������������������������������
Other operating expenses ����������������������������������������������������������������������������������
General and administrative expenses ����������������������������������������������������������������
Other expenses ���������������������������������������������������������������������������������������������������
Total expenses �������������������������������������������������������������������������������������������
Income before income taxes ������������������������������������������������������������������������������

169
(1)
0
34
0
3,461
219
19,751
9,912
33,548
3,422

235
(10)
—
35
0
3,448
1,003
20,2107,568
32,491
3,946

1,385
(10)
0
283
1
28,282
1,793
161,382
80,990274,110
27,961

Income taxes:
Current ����������������������������������������������������������������������������������������������������������
Deferred����������������������������������������������������������������������������������������������������������
Total income taxes ������������������������������������������������������������������������������������
Profit �������������������������������������������������������������������������������������������������������������������
Profit attributable to non-controlling interests �������������������������������������������������
Profit attributable to owners of parent �����������������������������������������������������

1,495
133
1,628
1,793
47
¥ 1,745

1,463
(68)
1,394
2,551
56
¥ 2,495

12,217
1,091
13,30914,651389$ 14,262

Profit attributable to owners of parent per share (in yen and U.S. dollars):
Basic ���������������������������������������������������������������������������������������������������������������
Diluted �����������������������������������������������������������������������������������������������������������

¥ 42.01
27.22¥ 62.3642.04$   0.34
0.22

For the years ended March 31,16Consolidated Statements of Comprehensive Income
The Towa Bank, Ltd. and Consolidated Subsidiaries

Millions of yen (Note 1)
For the years ended March 31,

Profit �������������������������������������������������������������������������������������������������������������������
Other comprehensive income (loss):
Valuation difference on available-for-sale securities �������������������������������������
Remeasurements of defined benefit plans ����������������������������������������������������
Total other comprehensive income (loss) ������������������������������������������������
Comprehensive income (loss) �������������������������������������������������������������������
Comprehensive income (loss) attributable to:
Owners of parent �������������������������������������������������������������������������������������������
Non-controlling interests ������������������������������������������������������������������������������

17

Thousands of
U.S. dollars (Note 2)

2022

2021

2022

¥     1,793¥2,551$   14,651(10,380)(27)(10,407)¥ (8,614)

2,271
1,803
4,075
¥6,626(84,812)(228)(85,040)$(70,388)¥ (8,657)
42¥6,56660$(70,735)
347

Consolidated Statements of Changes in Net Assets
The Towa Bank, Ltd. and Consolidated Subsidiaries

Millions of yen (Note 1)
Shareholders’ equity
Capitalstock

Balance at April 1, 2021 ������������������������������� ¥38,653
Changes in items during the period:
Profit attributable to owners of parent �����
Dividends from surplus �����������������������������
Purchase of treasury stock �������������������������
Disposal of treasury stock ��������������������������
Increase/Decrease for other reasons ����������
Changes in items other than shareholders’equity during the period (net amount) ���Total changes in items during the period �����
0Balance at March 31, 2022 �������������������������� ¥38,653

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equity¥17,500¥66,576¥(304)¥122,425

1,745(1,298)

1,745(1,298)
(0)
88
(22)

(0)
87

0
(22)

0
¥17,500

425¥66,99087¥(217)

513¥122,927

Millions of yen (Note 1)
Accumulated other comprehensive income (loss)
Valuationdifference on
available-for-salesecurities

Balance at April 1, 2021 ������������������������������� ¥     8,033
Changes in items during the period:
Profit attributable to owners of parent �����
Dividends from surplus �����������������������������
Purchase of treasury stock �������������������������
Disposal of treasury stock ��������������������������
Increase/Decrease for other reasons ����������
Changes in items other than shareholders’equity during the period (net amount) ��� (10,374)
Total changes in items during the period ����� (10,374)
Balance at March 31, 2022 �������������������������� ¥ (2,341)

Land
revaluationaccount¥2,276

Total
accumulated
Remeasurements
otherof definedcomprehensive
benefit plansincome (loss)¥1,612¥   11,922

Stockacquisitionrights

Noncontrollinginterests

Total
net assets

¥265

¥490

¥135,103
1,745(1,298)
(0)
88
(22)

22
22
¥2,298

18

(27)
(27)
¥1,584(10,380)(10,380)¥     1,541

(45)
(45)
¥219

42
42
¥520

(10,384)(9,871)¥125,209

Thousands of U.S. dollars (Note 2)
Shareholders’ equity
Capitalstock

CapitalsurplusRetainedearnings

Treasury
stock

Total
shareholders’equityBalance at April 1, 2021 ������������������������������� $315,824 $142,985 $543,973 $(2,491) $1,000,292
Changes in items during the period:
Profit attributable to owners of parent �����
14,262
14,262
Dividends from surplus �����������������������������
(10,609)(10,609)
Purchase of treasury stock �������������������������
(7)(7)
Disposal of treasury stock ��������������������������
6
718
724
Increase/Decrease for other reasons ����������
(180)
(180)
Changes in items other than shareholders’equity during the period (net amount) ���Total changes in items during the period �����
0
6
3,474
711
4,192
Balance at March 31, 2022 �������������������������� $315,824 $142,991 $547,354 $(1,780) $1,004,391
Thousands of U.S. dollars (Note 2)
Accumulated other comprehensive income (loss)
Valuationdifference on
available-for-salesecurities

Land
revaluationaccount

Balance at April 1, 2021 ������������������������������� $   65,636 $18,601
Changes in items during the period:
Profit attributable to owners of parent �����
Dividends from surplus �����������������������������
Purchase of treasury stock �������������������������
Disposal of treasury stock ��������������������������
Increase/Decrease for other reasons ����������
Changes in items other than shareholders’equity during the period (net amount) ��� (84,770)
179
Total changes in items during the period ����� (84,770)
179
Balance at March 31, 2022 �������������������������� $(19,134) $18,781

19

Total
accumulated
Remeasurements
otherof definedcomprehensive
benefit plansincome (loss)

Stockacquisitionrights

Noncontrollinginterests$13,174$2,171$4,004 $1,103,880$   97,411

Total
net assets

14,262(10,609)
(7)
724
(180)
(228)
(228)
$12,946(84,818)(375)(84,818)(375)$   12,594 $1,796

347(84,846)347(80,653)$4,255 $1,023,037

Consolidated Statements of Cash Flows
The Towa Bank, Ltd. and Consolidated Subsidiaries

Millions of yen (Note 1)
2022

For the years ended March 31,

Cash flows from operating activities:
Income before income taxes ������������������������������������������������������������������������������ ¥   3,422
Depreciation and amortization �������������������������������������������������������������������������
1,427
Loss on impairment of fixed assets ��������������������������������������������������������������������
319
Increase (decrease) in reserve for possible loan losses ���������������������������������������
(238)
Increase (decrease) in reserve for employee bonuses ����������������������������������������
14
Increase (decrease) in reserve for reimbursement of dormant deposits ������������
(71)
Increase (decrease) in reserve for contingent loss ���������������������������������������������
8
Increase (decrease) in net defined benefit liabilities �����������������������������������������
(1,233)
Increase (decrease) in provision for directors’ retirement benefits �������������������
(0)Interest income ��������������������������������������������������������������������������������������������������
(23,098)
Interest expenses ������������������������������������������������������������������������������������������������
203
Loss (gain) on disposal of tangible fixed assets �������������������������������������������������
(29)(Increase) decrease in trading account securities ����������������������������������������������
0
Loss (gain) on securities — net ��������������������������������������������������������������������������
(2,576)
Loss (gain) on money held in trust �������������������������������������������������������������������
2
Foreign exchange loss (gain) — net �������������������������������������������������������������������
(609)
Net (increase) decrease in loans �������������������������������������������������������������������������
(22,779)
Net increase (decrease) in deposits ��������������������������������������������������������������������
31,129Net increase (decrease) in borrowings excluding subordinated debt ����������������
(5,725)
Net (increase) decrease in due from banks other than the Bank of Japan ��������
(129)
Net (increase) decrease in call loans and others ������������������������������������������������
3,708
Net increase (decrease) in call money and others ���������������������������������������������
0
Net (increase) decrease in foreign exchange — assets ���������������������������������������
1,096
Net increase (decrease) in foreign exchange — liabilities ���������������������������������
51
Interest received �������������������������������������������������������������������������������������������������
24,311
Interest paid �������������������������������������������������������������������������������������������������������
(243)
Other ������������������������������������������������������������������������������������������������������������������
(2,528)Subtotal �����������������������������������������������������������������������������������������������������
6,432
Income taxes paid ����������������������������������������������������������������������������������������������
(1,433)
Net cash provided by (used in) operating activities ���������������������������������
4,998
Cash flows from investing activities:
Purchases of tangible fixed assets ����������������������������������������������������������������������
(598)
Purchases of securities ���������������������������������������������������������������������������������������� (150,418)
Proceeds from sale of tangible fixed assets ��������������������������������������������������������
339
Proceeds from sale of securities �������������������������������������������������������������������������
55,252
Purchases of intangible fixed assets �������������������������������������������������������������������
(899)
Proceeds from redemption of securities ������������������������������������������������������������
85,409Payments for asset retirement obligations ��������������������������������������������������������
(3)
Proceeds from decrease of money held in trust ������������������������������������������������
1
Net cash provided by (used in) investing activities ����������������������������������
(10,915)
Cash flows from financing activities:
Proceeds from exercise of stock options ������������������������������������������������������������
0
Purchases of treasury stock ��������������������������������������������������������������������������������
(0)
Dividends paid ���������������������������������������������������������������������������������������������������
(1,298)Net cash provided by (used in) financing activities ���������������������������������
(1,299)Net increase (decrease) in cash and cash equivalents ����������������������������������
(7,215)
Cash and cash equivalents at beginning of year ������������������������������������������
382,887
Cash and cash equivalents at end of year ����������������������������������������������������� ¥ 375,672

20

Thousands of
U.S. dollars (Note 2)

2021

2022

¥   3,946
1,355
118
2,835
(8)
(80)
(129)
(665)
0
(23,049)260
26
14(1,653)
5(166)(46,689)
123,034
126,102(32)
938(27,000)(1,376)13
23,144(303)
136
180,778(2,560)178,218$     27,961
11,662
2,610(1,949)
120
(584)
66
(10,075)(5)(188,727)
1,661
(238)
0
(21,054)
17(4,984)(186,124)
254,350(46,777)(1,057)30,303
0
8,955
421
198,642(1,989)(20,662)
52,554(11,710)
40,844(1,248)(147,536)
53
47,524(1,704)69,591(81)
1(33,398)(4,890)(1,229,007)
2,776
451,449(7,349)697,847(25)
13(89,183)

0(177)(1,670)(1,848)142,971
239,916¥ 382,887

0(7)(10,609)(10,615)(58,952)
3,128,425$ 3,069,473

Supplementary Information
Consolidated Capital Ratio (Domestic Standard)[Basel III]
Millions of yen (Note 1)

Thousands of
U.S. dollars (Note 2)

2022

2022

Core capital: instruments and reserves �������������������������������������������������������������������
Core capital: adjustment amount of instruments and reserves �����������������������������
Total qualifying capital �������������������������������������������������������������������������������������������

¥  127,678
4,345¥  123,333$1,043,211
35,503$1,007,708

Risk-adjusted assets:
On-balance-sheet assets ��������������������������������������������������������������������������������������
Off-balance-sheet assets ��������������������������������������������������������������������������������������
Credit value adjustment amount �����������������������������������������������������������������������
Risk-weighted credit equivalent amount �����������������������������������������������������������
Amount related to operational risk-equivalent ��������������������������������������������������
Total ���������������������������������������������������������������������������������������������������������������
Capital ratio ������������������������������������������������������������������������������������������������������������

¥1,109,216
9,480
1,641
1,120,339
49,264¥1,169,604
10.54%$9,062,966
77,465
13,415
9,153,847
402,523$9,556,371

March 31,21

Business Organization Chart(As of April 1, 2022)

Integrated Planning Department

In charge of business management
In charge of planning
In charge of public relations
In charge of relevant business
SDGs Promotion Office
Towa Bank Economic Research Center

Integrated Risk Management Department
Relationship Banking Promotion Department

In charge of overall relationship banking promotion
In charge of relationship banking support
In charge of asset support
Customer Support Office
Regional Vitalization Promotion Office

General Shareholders’Meeting
Audit & Supervisory
Board Members

Relationship Banking Strategy Department

Audit & Supervisory Board
Board of Directors

In charge of business operation strategy
In charge of deposit and loan product strategy
In charge of finance planning and financing facilitation
Information Systems OfficeConsulting Department
Audit & Supervisory Board
Members’ OfficePrivate Banking Department
Credit Administration Department

Board of Executive Officers
Credit Management Department

Board of Managing Directors

Securities Investment Department
Finance and Accounting Department

In charge of credit administration
Real Estate Research Center
Business Rehabilitation Office
In charge of credit administration
In charge of credit assessment evaluation
In charge of credit management

Business Administration and Systems Department

In charge of planning
In charge of systems development
In charge of administrative advice

Operations Department

Head Office Administrative Center
Direct Service CenterTokyo Administrative Center
Loan Administrative Center

International Department

In charge of promoting international businessIn charge of foreign exchange operation

Human Resources Department

General Affairs Department
Compliance Management Department

Internal Audit Department

THE TOWA CARD CO. LTD

In charge of planning
In charge of personnel
In charge of welfare programs
Employee Training Center
Office to Promote Social Equality
Secretarial Office
Tokyo Branch Offices
In charge of general affairs
In charge of property management
In charge of compliance
Customer Call Center
Office to Monitor Business Transactions with Antisocial Forces
Secretariat of External Evaluation Committee
In charge of head office auditing
In charge of sales branch auditing

THE TOWAGIN LEASE CO. LTD

Directors, Executive Officers, and Audit & Supervisory Board Members(As of June 29,2022)

Representative Director
President & Chief Executive Officer
Hiroshi Ebara
Representative Director
Vice President & Executive Officer
Hiroyuki Sakurai
Director
Senior Managing Executive Officer
Isao Kitazume
Director
Managing Executive Officer
Shinichiro Suzuki

Directors (Outside)
Takeshi Mizuguchi
Rikako Onishi
Hideto Tago
Senior Managing Executive Officer
Toru Kobayashi
Managing Executive Officers
Kazuyoshi Shiraishi
Takahisa Wasada
Susumu Okabe

Executive Officers
Hiroshi Nagasawa
Yukihiko Tsukagoshi
Tatsuya Ishizeki
Hiroshi Iijima
Masahiko Hijikata
Audit & Supervisory Board Members
Kiyomi Osawa*
Masami Hashimoto*Shinichi Kato**
Junko Saito*** Full-Time Audit & Supervisory Board Member** Outside Audit & Supervisory Board Member22