Shinsei and Aozora ponder merger

Like the ugly sisters in the fairy tale, the two private equity-run Japanese banks can apparently rely only on each other.

Shinsei and Aozora continue to fascinate and horrify in equal measure. The two banks, formerly known as Long Term Credit Bank of Japan and Nippon Credit Bank, are the only two Japanese banks to ever become foreign-owned and foreign-run as a result of the Japanese banking crisis in the 1990s JC Flowers owns one-third in Shinsei and Cerberus holds 50% of Aozora. As such, they represent an ongoing experiment in the ability of Wall Street superstars to...

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