Japan Government Approves Takeover of Insolvent Ashikaga Bank.

Kyodo News International (Tokyo, Japan) (viaKnight-Ridder/Tribune Business News) | November 30, 2003 | Copyright

Byline: Ko Hirano

Nov. 30--TOKYO--A government financial panel on Saturday night decided to nationalize insolvent Ashikaga Bank in what will be Japan's second bank rescue this year as the large regional lender had a negative net worth of 102.3 billion yen in the first half of fiscal 2003.

The Financial System Management Council also approved a plan to inject taxpayer money into the bank to bolster its depleted capital base and to install a new team of outside managers, Financial Services Minister Heizo Takenaka said.

It was the first time for the ...

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