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DIC to provide 762.6 bil. yen to Tokyo Star Bank.

TOKYO, May 28 Kyodo

The government's Deposit Insurance Corp. (DIC) said Monday it will provide 762.6 billion yen in financial assistance to Tokyo Star Bank, successor of failed Tokyo Sowa Bank.

The sum will be used to cover Tokyo Sowa's negative net worth and other financial requirements related to the takeover of the collapsed regional bank.

DIC will advance the funds to Tokyo Star on June 11 when the bank begins operating. The new bank was created by Lone Star Fund, a U.S. private equity fund, to take over Tokyo Sowa.

DIC will also lend 124.2 billion yen to Resolution and Collection Corp. that will purchase 502.7 billion yen worth of problem loans from Tokyo Sowa.
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Publication:Japan Weekly Monitor
Date:Jun 4, 2001
Words:120
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