The Financial Services Agency began soliciting bids Thursday for the sale of state-owned Ashikaga Bank Ltd., publishing the conditions that buyers must satisfy to purchase the Tochigi Prefecture-based bank.
The auctioning off of Ashikaga, which the government took over in 2003, has drawn interest from a number of financial institutions, including foreign investment funds. Competition to acquire the bank is expected to be fierce.
Bidders are required to submit a plan to whip Ashikaga Bank's books into shape by Dec. 15. The FSA will then narrow down the field and ask finalists to submit a detailed plan, selecting a winner by next summer.