New LTCB to open as FRC approves agreement

New LTCB to open as FRC approves agreement

TOKYO, Japan - The Financial Reconstruction Commission on Feb. 9 approved the final agreement on the sale of the nationalized Long-Term Credit Bank of Japan (LTCB) to an international consortium led by U.S. fund Ripplewood Holdings LLC. The new LTCB begins operations March 2. Among the signatories to the agreement were Masamoto Yashiro (third from R), as representative of New LTCB Partners, LTCB President Takashi Anzai (second from L), Noboru Matsuda (third from L), governor of Deposit Insurance Corp. (DIC), which owns LTCB's 2.4 billion common shares, Ripplewood founder Timothy Collins (second from R), and Christopher Flowers (R), former head of the Goldman Sachs Financial Institutions Group. At left is Keiji Matsuda, deputy governor of DIC.

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