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M'bishi UFJ Nicos to raise 100 bil. yen for overcharge claims.

TOKYO, Feb. 24 Kyodo

Major Japanese credit card firm Mitsubishi UFJ Nicos Co. said Thursday it will raise 100 billion yen through a private equity issue in March to increase reserves for customer claims for overcharged interest payments on cash advances.

Its parent Mitsubishi UFJ Financial Group Inc. and its major shareholder Norinchukin Bank will purchase the new equity issue.

Japanese moneylenders including credit card firms have been faced with claims for overcharged interest since a 2006 Supreme Court ruling effectively rejected interest rates beyond a statutory limit even with the consent of borrowers.

Mitsubishi UFJ Nicos also said Vice President Tetsuya Wada will replace President Sohei Sasaki, who will become chairman on April 1. Both Wada and Sasaki are from the Bank of Tokyo-Mitsubishi UFJ.
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Publication:Japan Weekly Monitor
Date:Feb 28, 2011
Words:126
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