Softbank Corp. plans to sell off by the end of the year the majority of its stake in Aozora Bank, the successor to failed Nippon Credit Bank, sources said Saturday.
Softbank is considering selling shares to three foreign companies -- major French bank BNP Paribas, U.S. investment fund Cerberus Group and U.S. private equity fund Loan Star Fund, according to the sources.
The move would reduce Softbank's stake in Aozora to less than 20 percent from the current 48.8 percent. It will remain the top shareholder in the bank, ahead of Orix Corp. and Tokio Marine & Fire Insurance Co., which both own 14.9 percent.