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Ashikaga Holdings applies for TSE listing.

TOKYO, July 31 Kyodo

The holding company of Ashikaga Bank, a regional bank once nationalized after falling into negative net worth, has applied for listing on the Tokyo Stock Exchange, sources close to the matter said Wednesday.

The listing of Ashikaga Holdings Co. may be realized by the end of this year, the sources said.

The holding company's predecessor was delisted from the TSE in 2004 after the regional bank based in Tochigi Prefecture, eastern Japan, was put under state control in 2003 with a negative net worth of more than 100 billion yen.

In 2008, Ashikaga was bought by an investment group led by Nomura Holdings Inc.

Ashikaga had aimed for relisting in the year to March 2011 but given up the plan in the aftermath of the collapse of U.S. investment bank Lehman Brothers Holdings Inc. in 2008.

Ashikaga Holdings has been reconstructing itself with the help of the Nomura group and secured a net group profit of 15.4 billion yen in the year to March 2013.
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Publication:Japan Weekly Monitor
Date:Aug 5, 2013
Words:171
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