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November 21, 2007 |
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ASHIKAGA BANK: Targeted for JPY310-Billion Buyout An alliance of 21 financial institutions will submit a bid to acquire Ashikaga Bank, Ltd., for JPY310 billion, reports Kyodo News. According to Kyodo's sources, the group will be led by eight regional bank shouldering JPY75 million and another JPY75 million to JPY80 million to be paid by Nikko Citigroup Ltd., a brokerage that has cooperative ties with the eight. The eight lenders are: 1. The Bank of Yokohama, 2. Toho Bank, 3. Gunma Bank, 4. Joyo Bank, 5. Chiba Bank, 6. Yamanashi Chuo Bank, 7. Hachijuni Bank, and 8. Shizuoka Bank. The report adds that aside from the alliance, another Japanese consortium, led by Nomura Securities Co., is vying to buy the failed bank and are scheduled to submit their acquisition plans to the Financial Services Agency by Thursday. The FSA is expected to decide on a buyer next spring, adds Kyodo News. Ashikaga Bank, notes Kyodo News, was put under state control in 2003 while languishing under the weight of bad loans. The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/ -- is a regional bank operating mainly in Tochigi prefecture in the Northern Kanto area. The bank handles banking, loans, mortgages, foreign exchanges and investment trust through its 106 branches and 68 representative offices. It also operates a debt collection business, a real estate survey service, a system programming and development business and a credit card business through its 13 consolidated subsidiaries. * * * Up to this date, Standard & Poor's Rating Service still holds the BB+ rating for Ashikaga Bank's long-term foreign issuer credit and long-term local issuer credit with a positive outlook which was rated on December 10, 2004. |
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