InfoAnda - Report: Shinsei and Aozora Banks to merge

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Report: Shinsei and Aozora Banks to merge AP - Monday, May 11 TOKYO - Japan's Shinsei Bank Ltd. and Aozora Bank Ltd. _ two money-losing midsize lenders with major U.S. stakeholders _ have agreed to merge and will begin the process by next summer, the Nikkei financial daily reported Monday. ADVERTISEMENT Both banks appear to have gotten the go-ahead for the deal from their top shareholders and may announce details including merger ratio and top executives as early as this month, the Nikkei said. U.S. private equity firm J.C. Flowers & Co holds a 33 percent stake in Shinsei, while Cerberus Capital Management LP owns more than half of Aozora. The combined entity would be Japan's No. 6 bank with assets of more than 18 trillion yen, according to the Nikkei. Shinsei spokesman James Seddon declined to comment on the report. Last week, Shinsei warned that its losses last fiscal year were worse than expected. It forecast a deeper net loss of 143 billion yen ($1.45 billion) for the 12 months through March from the 48 billion yen it had been projecting. The bank is scheduled to report earnings on Wednesday. Aozora is also expected to post dismal annual results. Brian Prince took over as acting president and chief executive officer in February after Federico Sacasa resigned and the bank apologized for its poor performance. It expects to book an annual net loss of nearly 200 billion yen. The Japanese government bailed out the predecessors of both banks during Japan's last banking crisis in the 1990s, but both have yet to fully repay the public funds received. When speculation of a Shinsei-Aozora merger first surfaced last month, government officials signaled their approval. Takafumi Sato, head of the Financial Services Agency, said the potential deal would help stabilize the financial system. In trading Monday, shares of both banks jumped immediately after the Nikkei report. Shinsei rose 6 percent to 142 yen, while Aozora soared 8.5 percent to 140 yen. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business San Miguel first quarter income down 76 percentAP - Tuesday, May 12 Ahead of Bell: American Eagle on the upswingAP - Tuesday, May 12 BB&T to offer stock, cut dividend to repay gov'tAP - Tuesday, May 12 Nations look to make ship recycling safer, greenerAP - Tuesday, May 12 HSBC says first-quarter profits upAFP - Tuesday, May 12 Most Popular – Business Viewed Obese young men have less hope of marriage: study Australian zoo evacuated after orangutan escape British store admits it boobed in bra row $70-80 good price for oil: French economy minister Geithner's warning on speed of economic recovery View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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