| Updated:
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.
The deal, which would create Japan’s sixth-largest bank by assets, will likely be completed by the autumn of 2010, sources say.
The merger ratio is likely to be set at one-to-one, giving Shinsei 55.5 per cent and Aozora 44.5 per cent.