News Release

ORIX Bank Commences Provision of Testamentary Substitute Trust with Special Agreement for Bequest to Another Bank for the First Time

Jun 07, 2021

TOKYO, Japan - June 7, 2021 - ORIX Bank Corporation (“ORIX Bank”) announced today that it will commence the provision of its testamentary substitute trust with special agreement for bequest to THE DAITO BANK,LTD. (“DAITO BANK”). This is the first time ORIX Bank is providing the bequest mechanism to another financial institution.

In January 2021, ORIX Bank started providing the testamentary substitute trust “Tsunagu Yell” to DAITO BANK*1. “Tsunagu Yell” is a testamentary substitute trust that transfers money entrusted by the customer to the beneficiary—such as family members—designated in advance upon the passing of the customer without the need to create a will. This time, through the addition of the special agreement for bequest, local governments, schools, and other bodies within Fukushima Prefecture can be designated as beneficiaries.

According to a nationwide survey*2 conducted by The Nippon Foundation, 20.5% of people, both men and women, between 60 and 79 years old are interested in making a bequest. On the other hand, out of the total amount of 16.236 trillion yen*3 passed down as inheritance in fiscal 2018, bequests made up only approximately 46.8 billion yen*4 (approximately 0.29%). In the same survey by The Nippon Foundation, 32.4% of those interested in bequests and donations answered that they did not know the necessary procedures.

Going forward, ORIX Bank will continue to work on the provision of testamentary substitute trusts that allow bequests for social contribution to other financial institutions so as to support the realization of customers’ desire toward social contribution and contribute toward a sustainable society.

*1 THE DAITO BANK, LTD. Commences Handling of Testamentary Substitute Trust “Tsunagu Yell”Open Link in New Window (January 18, 2021; in Japanese)
*2 The Nippon Foundation, “Summary of Survey on Intent and Actual State of Wills and Bequests” conducted in November 2020
*3 National Tax Agency, “Overview of Actual Inheritance Tax Declarations in 2018”
*4 Refer to the request for disclosure submitted to the National Tax Agency by the nonprofit organization Coalition for Legislation to Support Citizens’ Organizations (C’s)

Contact Information:
Investor Relations and Sustainability Department
ORIX Corporation
Tel: +81-3-3435-3121

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 31 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2021)

Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “(4) Risk Factors” of the “1. Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2020 – March 31, 2021.”

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