Japan's FTC approves Fukuoka, Eighteenth Bank merger after long review
24/08/2018 07:30
TOKYO, Aug 24 (Reuters) - Japan's Fair Trade Commission
(FTC) said on Friday it had approved the merger of two small
lenders after a lengthy review that had sparked a battle between
the antitrust watchdog and financial regulators promoting
mergers in the embattled industry.
Fukuoka Financial Group Inc 8354.T had announced in 2016
its plans to buy Eighteenth Bank Ltd 8396.T and combine it
with another unit, but the FTC blocked the deal over concerns
they would control about 70 percent of the lending market in the
southern prefecture of Nagasaki.
Advisers to the Financial Services Agency - which is urging
consolidation among regional banks - challenged the FTC's view
and argued that exemptions from antitrust law should be made to
help the industry survive a declining population and
deteriorating earnings. urn:newsml:reuters.com:*:nL3N1SE25M
(Reporting by Junko Fujita and Takahiko Wada; Editing by Chris
Gallagher and Muralikumar Anantharaman)
((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))