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Shinsei, Aozora set to announce merger plans.

Global Banking News-30 June 2009-Shinsei, Aozora set to announce merger plans(C)2009 ENPublishing -

Global Banking News - 30 June 2009(c)2005 - Electronic News Publishing -

Japan's Shinsei Bank Limited (8303.TO) and Aozora Bank Limited (8304.TO) are expected to announce their plan to merge on October 1, 2010, on Wednesday, Dow Jones has reported citing a person familiar with the situation.

Norito Ikeda, former president of Ashikaga Bank, is expected to become president of the new entity. Ikeda and the presidents of the two banks are scheduled to hold a press conference on Wednesday to present their merger plans. The merger ratio will be set at 1:1, the person said.

The combined assets of Shinsei and Aozora total about JPY18tn, which is expected to make the new entity Japan's sixth-largest bank.

Ikeda, who had formerly worked at Bank of Yokohama, had led the reconstruction of Ashikaga Bank, which was once under government control.

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Publication:Global Banking News (GBN)
Date:Jun 30, 2009
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