Staffing agency Fullcast Co. said Monday it will establish a new bank to provide loans primarily to small and midsize companies as well as venture businesses.
Capitalized at some 5 billion, yen the bank is due to begin operations next year after winning a license from the government, Fullcast said.
The capital will be put up by Fullcast and nine other companies, each of which will have a stake of less than 15 percent. The names of the nine partners were not disclosed.
Fullcast will set up a wholly owned subsidiary in August to make preparations for establishing the new bank.
Specializing in undertaking work on behalf of small and midsize companies, Fullcast expects to expand its business by meeting smaller firms' funding needs, according to company officials.
Fullcast was founded in 1990 and was listed on the first section of the Tokyo Stock Exchange last September. Capitalized at 3.4 billion, yen it expects a group net profit of 2.1 billion yen on operating revenues of 71.8 billion yen in the year to Sept. 30.