Japan's Fukuoka, Eighteenth Bank postpone planned integration
25/07/2017 07:00
TOKYO, July 25 (Reuters) - Fukuoka Financial Group Inc
8354.T and Eighteenth Bank 8396.T , both based in southern
Japan, said on Tuesday they would indefinitely put on hold plans
to integrate their operations, citing anti-monopoly issues.
Last year, Fukuoka Financial Group, the largest banking
group on Japan's southern-most main island of Kyushu, said it
planned to buy Eighteenth Bank with an intention of merging it
with Shinwa Bank, which it controls.
Sources have said the Fair Trade Commission was objecting to
the merger because the combined entity would control about 70
percent of loans in Nagasaki prefecture, undermining
competition.
(Reporting by Junko Fujita; Editing by Subhranshu Sahu)
((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))
Keywords: FUKUOKA FINCL EIGHTEENTH BANK/