Shinsei Bank and Aozora Bank will cancel their merger plan concluded last July, it was decided at their board meetings Friday, due largely to differences over what business strategies they should follow after the tieup.
Shinsei Bank reported the same day it remained in the red in fiscal 2009 for the second consecutive business year with a group net loss of ¥140.15 billion, while Aozora said it swung back into the black with a group net profit of ¥8.3 billion, beating its earlier projection in January of a ¥7 billion profit.
In fiscal 2008, Shinsei logged a net loss of ¥143.08 billion and Aozora incurred ¥242.55 billion in net loss.