Posted by
alfredlester on Thursday, June 25, 2009 1:24:44 AM
Aozora Bank, a Japanese lender controlled by Cerberus Capital Management, and Shinsei Bank, backed by J. Christopher Flowers, confirmed on Thursday that they were in talks to merge.
Shinsei and Aozora are discussing the creation of Japan&S217;s sixth-largest bank, with about 18 trillion yen ($188 billion) of assets. The lenders, both rescued by Japan&S217;s government in the 1990s, have pledged to focus on domestic lending after losses on mortgage investments contributed to combined annual deficits of $4 billion in the year ended March 31.
Aozora said Thursday it had made no decision that needed to be disclosed, and Shinsei said it had no additional comment.
Japanese Banks Discuss a Merger
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Japans Shinsei and Aozora rise on merger reports