• Kyodo News


Shinsei Bank and Aozora Bank said Wednesday they have reached an agreement to merge in October next year to create Japan’s sixth-largest banking group with total assets of over ¥18 trillion.

The two loss-making lenders largely owned by U.S. private equity investors set the merger ratio at 1-to-1, with Shinsei to be the remaining company. The new bank will have Norito Ikeda, 61, former president of Ashikaga Bank, as its first president, they said.

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