Pasona to acquire LTCB Research for 1 billion yen

The LTCB Research Institute, an affiliate of the Long-Term Credit Bank of Japan, will become a subsidiary of Pasona Inc. on Dec. 1, it was announced Thursday.Pasona, a major employment agency, will pay 1 billion yen to purchase the think tank, which is capitalized at the same amount, Yasuyuki Nanbu, president of Pasona, said at a news conference.The effectively insolvent LTCB is expected to apply today for public funds under bank recapitalization legislation enacted earlier this month.The think tank, tentatively renamed the Institute of Social Infrastructure, will conduct research in various economic issues, particularly employment and pensions, Nanbu said. The two issues are important for Pasona as its main services include dispatch of temporary workers, he said.It will also handle research for corporate and government customers and announce policy proposals to the public, Nanbu said.The Pasona think tank will debut with some 40 employees, mostly from the LTCB Research Institute, said Koji Hirao, the think tank president who will retain his post.