Ex-Sanwa GCM Bids For Failed Incubator Bank

GCM Ltd., a Tokyo-based investment bank set up by former Sanwa bankers with a Chinese investment fund, is in the bidding process for the bankrupt Incubator Bank of Japan. Another competitor is AEON Bank, the banking unit of AEON Group, a major retailing group. The auction conductor, Deposit Insurance Corp. of Japan, will select a sponsor by September. The SME-targeted Incubator Bank of Japan filed for Chapter 11 last September.