TOKYO – Tokyo-based Shinsei Bank said Friday it will take over a consumer credit company from UFJ Holdings, a Japanese banking group set to merge with another Big Four Japanese financial group.
Shinsei, owned by U.S. investment fund Ripplewood Holdings, will acquire 35 billion yen ($320 million US) worth of shares in Aplus Co., receive all of UFJ’s preferred shares in Aplus and take over Aplus’s loans from UFJ Bank. Under the deal, Shinsei will hold more than two-thirds of Aplus’s common shares.
The move is part of UFJ’s efforts to get rid of bad loans faster.
For this complete story, please visit Japanese Bank Sells Consumer Credit Company Ahead of Merger.
