Failed Kofuku Bank to be sold to U.S. investor group

Failed Kofuku Bank to be sold to U.S. investor group

OSAKA, Japan - Wilbur L. Ross (R), chairman of Asian Recovery Fund, an investment fund, speaks at a news conference in Osaka on May 18 after Japan's Financial Reconstruction Commission (FRC) and a group of FRC-appointed reorganization administrators of Kofuku Bank decided to sell the failed bank to his fund. Asian Recovery Fund will establish a new bank to take over the Osaka-based bank at the end of December.

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