A fourth candidate has officially submitted a bid to buy the failed Nippon Credit Bank, the chairman of the Financial Reconstruction Commission said Tuesday.
Although FRC chief Michio Ochi did not reveal the name of the newcomer at the regular news conference, financial sources said that it was the Cerberus group, the biggest U.S. investment fund specializing in corporate makeovers.
Three other parties have already submitted bids, including a four-company Japanese consortium led by Softbank Corp. and Ito-Yokado Co. The other two are foreign firms -- Lehman Brothers Holdings Inc. of the United States and Paribas of France.