The Financial Reconstruction Commission on Friday approved the final agreement on the sale Aug. 1 of the nationalized Nippon Credit Bank to a consortium led by Internet investor Softbank Corp.
The sale of the NCB will be the second and final transfer of a nationalized bank to private-sector control, following that of the Long-Term Credit Bank of Japan, which was sold in March to a consortium led by Ripplewood Holdings LLC of the United States.
"State control of the two banks is nearly over, which should contribute to stabilizing and revitalizing the nation's financial system," said FRC Chairman Sadakazu Tanigaki.