• Kyodo

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An internal probe at Shoko Chukin Bank, the government-backed lender for small and midsize companies that is mired in a scandal over improper financing, has found it handed out ¥265 billion ($2.3 billion) in shady loans, the bank said.

Shoko Chukin President Kenyu Adachi said in a news conference Wednesday that he will step down “at an appropriate time,” because the government ordered the lender to clarify management’s responsibility and come up with measures to prevent a recurrence.

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