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Technology Stocks : Softbank Group Corp

SFTBY 55.36

-2.8%

Nov 21 9:30 AM EST

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To: Edwin S. Fujinaka who wrote (5190)	6/2/2000 2:44:00 AM
From: ghengis2	Read Replies (2) of 6020

BTW, it looks as if NCB's not 9984's books were the murkier. Friday, June 2, 2000 NCB Negative Worth Swells To 3.24 Trln Yen TOKYO (Nikkei)--Nippon Credit Bank's negative net worth as of March 31 had swelled by 50.8 billion yen from six months earlier and 149.8 billion yen on the year to 3.24 trillion yen, the bank's earnings report revealed Friday. Much of the deterioration was due to falling land prices and the collapse of firms to which NCB had loaned money. The bank had a net operating loss of 23.7 billion yen and a pretax loss of 113.7 billion yen in fiscal 1999. Its nonperforming loan balance was 1.16 trillion yen, down 2.7 trillion yen from six months earlier as the Resolution Collection Corp. bought the bulk of NCB's bad loans. NCB President Takuya Fujii said the same day that he aims to sell the bank as a single entity as soon as possible. "I want to avoid an expansion of the burden on taxpayers that (the bank's) prolonged nationalization would cause," he said. He was commenting on the Financial Reconstruction Commission's announcement of the breaking down of talks to sell the bank, which is temporarily under government control, to a consortium led by Softbank Corp. (9984). He also indicated that there are other potential buyers apart from the consortium. (The Nihon Keizai Shimbun Friday evening edition)

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