Aozora Bank, the privatized successor of the nationalized Nippon Credit Bank, plans to expand lending and investing operations in foreign markets, mainly the United States and Europe, an Aozora Bank official said Wednesday.

The Tokyo-based bank will launch a special division next Monday tasked with international operations and plans to open an office in New York, the official said.

Along with the global finance division, the bank will set up a section at its head office to organize the opening of the New York office, which was closed in 2002 after NCB failed in 1998, according to the official.

In a bid to increase Aozora Bank’s profitability, the New York office will be in charge of collecting business information and have branch offices in Seoul, Singapore and Jakarta, the official said.

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