Troubled Hokkaido Takushoku Bank should first look for support from local business circles in increasing its capital, the president of Asahi Mutual Life Insurance Co. said Sept. 19.

Noting that Asahi Mutual has not received a formal request from Hokkaido Takushoku to convert Asahi’s loans to equities, President Yuzuru Fujita, also chairman of the Life Insurance Association of Japan, said, “There is no convincing reason to accommodate such a request because what the bank is trying to do is put a burden on life insurers to cover its losses.”

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