According to Nikkei, the Financial Services Agency plans to issue business improvement orders to Chuo Mitsui Trust Holdings Inc., Shinsei Bank, and Aozora Bank this month after they failed to meet earnings targets set in exchange for receiving public funds.
Regarding Chuo Mitsui, its decision to give up to repaying the public funds by August 1 will make the government the top shareholder through the conversion of its preferred shares into common stock. This dragging recession has started to polarize the banking world in Japan as well.
July 10, 2009
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