Sep 16, 2009

Credit Saison to maintain independence

Credit card firm Credit Saison Co., 14.3 percent owned by Mizuho Financial Group Inc., will remain independent of the bank as its rivals join up with the country’s biggest lenders. “It’s a matter of keeping management independence,” Chief Executive Officer Hiroshi Rinno said in ...

Banks should cut stock holdings: FSA's Mikuniya

Aug 11, 2009

Banks should cut stock holdings: FSA's Mikuniya

Banks should use a government-backed share purchase program to reduce stock holdings that caused $10 billion of losses at Japan’s three biggest lenders last year, the country’s top financial regulator said. “A bank’s financial standing is linked to its holdings of investments, such as ...

Jul 9, 2009

Regional banks brace for mortgage defaults

Smaller regional banks may need to brace for an increase in mortgage defaults as unemployment rises and the contagion from the recession spreads. “Banks need to take steps to prevent loans to individuals from going bad, just as they do with corporate borrowers,” said ...

Shinsei to swing ax at ex-GE financing unit

Apr 17, 2009

Shinsei to swing ax at ex-GE financing unit

Shinsei Bank Ltd. plans to cut “hundreds” of jobs at the consumer lending unit it bought from General Electric Co. last year as the industry contracts, the head of the division said Thursday. Shinsei Financial Co., the renamed former GE subsidiary, will trim staff ...

SMFG's woes bad sign for banks

Apr 11, 2009

SMFG's woes bad sign for banks

Sumitomo Mitsui Financial Group Inc.’s unexpected $3.9 billion loss and plans to seek capital are adding to evidence that Japan’s biggest banks may struggle to weather the deepening recession. The Tokyo-based lender, the second-largest by market value, said Thursday it may raise as much ...

Sep 2, 2008

Regional banks clear subprime hurdle but face bad loans

Regional banks evaded most of the fallout from the U.S. mortgage market implosion only to face a homespun credit crisis. Sixteen regional lenders, including Kansai Urban Banking Corp. and Yachiyo Bank Ltd., cut profit forecasts in the last two months as bankruptcies among condominium ...

Jan 16, 2008

SMFG turns to alliances with Asian banks

Sumitomo Mitsui Financial Group Inc. will target alliances with Asian banks, including Malaysia’s RHB Capital Bhd., to boost income as domestic lending falls. “We have a close relationship with RHB and are considering what kind of business we can do together,” President Teisuke Kitayama, ...