Resona Holdings Inc. will reduce the number of its subsidiaries and affiliates to a quarter of the current level, President Eiji Hosoya said Tuesday.

Resona Holdings, which had 46 subsidiaries and affiliates as of the end of March, will pare the number to around 10 by the end of March by combining some and selling others, Hosoya told a news conference.

The restructuring is aimed at rationalizing the management of the Resona financial group following the government’s injection of 1.96 trillion yen in public funds into Resona Bank, the core bank of the group, earlier this year to strengthen its capital base.

Hosoya also said Resona Holdings will cut the combined number of workers at its and Resona Bank’s headquarters to a little more than 900 from the current 1,660.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.