Takenaka applauds reforms | SCMP
Submitted by loner on 27 October, 2008 - 1:13pm
Financial tsar Heizo Takenaka yesterday welcomed restructuring plans by two of the country's mega-banks, one of which includes a 100 billion yen (about HK$6.49 billion) injection from brokerage Merrill Lynch.
On Wednesday, UFJ Bank said it would receive the Merrill money to speed up bad loan disposals, while outlining plans to shift workers, close branches and cut vast equity holdings amid fears over the impact of a severe stock market slump.
On the same day, Sumitomo Mitsui Financial Group said it planned to merge two group banks into one in March to help fund losses on shareholdings. more
What did I say then?
Piercing Shanghai's financial myths (8 years 28 weeks ago):
What is important is not what it is but what it is becoming......
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