Shinsei, Aozora Call Off Merger

Shinsei Bank and Aozora Bank have decided not to merge in October as planned after failing to come together on a business strategy, according to Nikkei. The merger will either be abandoned or postponed indefinitely. Both sides will craft plans for strengthening operations on their own before announcing the deal's collapse. Shinsei wants to expand its retail operations, including nonbanking financing, while Aozora is more keen on working with regional banks.