Bank of Kansai to buy majority stake in Kansai Sawayaka.
... COMMENTARY: In 1999, Ross tried to persuade the Rothschild bankers to buy failed Kofuku Bank in Kansai, but they resisted. Ross then formed his own fund, WL Ross & Co., raised [yen] 24 billion and bought the bank, which was relaunched at the end of February 2001. Just a little more than two years later, he's found a buyer. Here's what he told us in a June 2002 interview when we asked him why Kofuku?
"We felt Kofuku had good branch coverage and its problems were fairly specific. They did not involve morality questions--no self-dealing or other inappropriate transactions. This is very important, because if you have problems with yakuza, it is very difficult to achieve a turnaround. Kofuku rang a lot of other bells for us, too, so we went to the government and asked to be invited to bid."
He also told us that a Tokyo purchase would be next: "Based on what we've done, we feel we are ready to compete in Tokyo, and we're very keen to enter."
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|Article Type:||Brief Article|
|Date:||Jun 1, 2003|
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