Asia Bizz: Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp and Development Bank of Japan To Start Corporate Rehabilitation Fund
In Japan, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp and Development Bank of Japan are all set to start corporate rehabilitation fund, both these banks are jointly trying to set up the fund before the end of this month.
This collaboration between these two banks Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp and Development Bank of Japan comes to a surprise as they have been rivals. Their main aim to create this fund is to revive and reorganize their business clients.
The corporate rehabilitation fund was initially being aimed to start at ¥30 billion, but this figure now has been increased to ¥100 billion which will help pull in many more investors.
The main of the corporate rehabilitation fund is to send trained executives to help revive companies who are financially not stable and rebuild the firm.
It is also know that Mitsubishi Corp which is a major trading house is most likely to join the fund even bank Mizuho Financial Group are in talks to join.
