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Resona Holdings Inc., Japan’s fourth-largest banking group, said Friday that it will sell preferred shares to Dai-ichi Mutual Life Insurance Co. and use the proceeds to repay funds received in a government bailout.

Dai-ichi Mutual, Japan’s second-largest life insurer, will buy 100 billion yen in preferred shares, the bank said at a briefing. Resona will use the money to pay part of the 2.3 trillion yen it owes the government.

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