Japan bank merger likely

Japan's Shinsei Bank and Aozora Bank, two loss-making lenders backed by US investors, are likely to announce plans today to merge by next year.<br /><br />The deal, which would create Japan's sixth-largest bank by assets, will likely be completed by the autumn of 2010, sources say.<br /><br />The merger ratio is likely to be set at one-to-one, giving Shinsei 55.5 per cent and Aozora 44.5 per cent.<br />