Tochigi Firms Won't Invest In Nomura-led Ashikaga Holdings

Businesses in Ashikaga Bank's home prefecture have decided to forgo investment in the bank's stock holding company, according to Nikkei. Ashikaga Holding Co.'s top shareholder, Nomura Financial Partners agreed with Tochigi Prefecture and a local business association to stop soliciting investments from local firms, citing funding difficulty amid the economic slump. Aiming to list Ashikaga Holdings on a stock exchange in fiscal 2010, Nomura Financial Partners had sought 5-10 billion yen investments from local companies.