InfoAnda - Japan's Shinsei and Aozora Banks scrap merger plan

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's Shinsei and Aozora Banks scrap merger plan By TOMOKO A. HOSAKA,Associated Press Writer - Saturday, May 15 Send IM Story Print TOKYO – A planned merger between Shinsei Bank Ltd. and Aozora Bank Ltd. _ two midsize Japanese lenders with major U.S. shareholders _ collapsed Friday amid differences over business strategy. The two companies said that they had parted ways after 10 months of unsuccessful negotiations. The announcement was widely expected. Their separate statements brought an end to what began last summer as a way for two money-losing banks to survive the financial crisis and boost competitiveness through scale. A merger would have created Japan's sixth largest bank. Since then, however, Aozora has recovered while Shinsei continued to struggle. Aozora swung back to black last fiscal year, booking a net profit of 8.3 billion yen ($89.8 million) after a 242.6 billion yen loss the previous year. Its capitalization is among the best in the country, with its Tier 1 ratio at 15.2 percent. The higher the ratio, the more stable a bank is generally considered to be. Meanwhile, Shinsei posted a net loss of 140.1 billion yen ($1.5 billion), staying in the red for a second straight year. It's Tier 1 capital ratio stood around 6.4 percent. A group of investors, including affiliates of U.S. private equity firm J.C. Flowers & Co., holds a 32.5 percent stake in Shinsei. Cerberus Capital Management LP, also of the U.S., owns 55 percent of Aozora shares. Merger talks derailed when the two sides could not agree on integration issues and how the combined entity would pursue future growth. The gap in their capital health also proved fatal to the deal. Aozora President Brian Prince told reporters that Shinsei's core capital was not sufficient, according to the Nikkei financial daily. Instead, the two companies said they would pursue independent paths but are considering establishing a business alliance. "We canceled the merger plan, but intend to cooperate in areas we can," said Shinsei President Masamoto Yashiro, according to Kyodo news agency. Along with its disappointing earnings report, Shinsei announced an overhaul of its executive team and a new business model. Yashiro will step down and be replaced with Shigeki Toma, a former executive at Mizuho Corporate Bank Ltd. The Japanese government bailed out the predecessors of both banks during Japan's last banking crisis in the 1990s, but neither has fully repaid the public funds received. In trading Friday on the Tokyo Stock Exchange, shares of Aozora tumbled 5 percent to 114 yen. Shinsei fell 4.5 percent to 106 yen. Recommend Send IM Story Print Related Articles Canada parties avert election with document deal Reuters - 34 minutes ago US-BUSINESS Summary Reuters - 38 minutes ago Goldman joins effort to rescue Chicago bank Reuters - 38 minutes ago High public debt may strain growth for years: IMF Reuters - 50 minutes ago Wall Street dragged down by euro zone woes Reuters - 56 minutes ago News Search Top Stories EU's Barroso calls on G20 to agree bank levy Portugal announces more austerity measures Boy survivor of Libya air crash 'stable but confused' Asia steps into Cannes spotlight New British coalition holds first cabinet meeting More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Boy survivor of Libya air crash 'stable but confused' Scientists stunned as grey whale sighted off Israel Portugal announces more austerity measures Asia steps into Cannes spotlight Pope rallies priests as crowds flock to Fatima More Most Viewed » Scientists stunned as grey whale sighted off Israel Aliens may exist but contact would hurt: Hawking Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Freddie Mac asks for fresh 10.6 billion dollar bailout More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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