The Financial Services Agency on Wednesday ordered Shinsei Bank to improve its operations for the second consecutive year due to the lender’s failure to achieve its profit target for fiscal 2009.
The Tokyo-based bank must now put forward a business improvement plan that includes a review of its wage system by July 30 as the recipient of public funds failed to meet its profit target agreed with the government for the year that ended in March.
The FSA issued the order as Shinsei remained in the red in fiscal 2009, with its earnings figures falling 30 percent or more below the targets in its rehabilitation plan.
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