Yoshifumi Nishikawa, president of Sumitomo Mitsui Financial Group Inc., said Wednesday that supermarket chain operator Daiei Inc. has no alternative but to seek help from the state-backed Industrial Revitalization Corp. of Japan for its revival.
Nishikawa also said SMFG will continue to press ahead with a proposed merger with smaller ailing rival UFJ Holdings Inc.
"Daiei must be turned around in a short time under a program that ensures its revival," he said. "It is indispensable to achieve the rehabilitation in a transparent and speedy manner.