Shinsei Bank, formerly the Long-Term Credit Bank of Japan, has unofficially asked the state-run Deposit Insurance Corp. to buy 200 billion yen in outstanding loans made to major department store operator Sogo Co., bank sources said Wednesday.
A formal application requesting the DIC to buy the credits may be filed later this month, the sources said.
Following its collapse under the weight of bad loans and its subsequent nationalization in late 1998, the LTCB and its problem loans and deposit liabilities were sold March 1 to an international consortium led by Ripplewood Holdings LLC.