Shinsei and Aozora banks merge in Japan

Atlanta News.Net
Thursday 2nd July, 2009

A bank merger in Japan will see Shinsei Bank and Aozora Bank becoming the country's sixth largest bank.

With assets of US$186 billion, the banks will try to improve competitiveness by cutting back on scale and strengthening their capital bases,

Both banks reported large losses last year.

They both have big US private equity shareholders.

JC Flowers holds 33% of Shinsei and Cerberus Capital Management owns more than half of Aozora.

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