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Technology Stocks : Softbank Group Corp

SFTBY 61.21

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3:59 PM EST

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To: Nihon-jin who wrote ()	6/6/2000 2:50:00 AM
From: Anchan	of 6020

More on Softbank's plans after the NCB takeover: (From this evening's Nikkei) Tuesday, June 6, 2000 Softbank To Bring Foreign, Regional Banks Into NCB Deal TOKYO (Nikkei)--The Financial Reconstruction Commission made an official decision Tuesday to transfer ownership of Nippon Credit Bank to a consortium comprising Softbank Corp. (9984), Orix Corp. (8591) and Tokio Marine & Fire Insurance Co. (8751). A formal agreement will be signed later in the day, clearing the way for a likely recommencement of operations in August. Negotiations between the two sides ran into problems last week but the Softbank-led group eventually made concessions sufficient for it to reach a deal. Substantial increases in loan-loss reserves at the temporarily nationalized lender were among the demands being made by Softbank and its partners. The consortium is now negotiating with three foreign financial institutions and at least 20 regional banks regarding equity participation in the deal, sources within the main group said. Capital at the reprivatized bank will likely be increased by 100 billion yen, with Softbank, Orix and Tokio Marine providing more than 70%. Lehman Brothers Holdings Inc., Chase Manhattan Corp. and UBS AG will be asked to invest a total of approximately 20 billion yen. Regional institutions will each be expected to invest anywhere from tens of millions of yen to several hundred million yen. Their participation would give the bank access to new marketing channels. Plans also call for entry into new fields such as Internet banking and venture capital financing. The foreign partners would provide connections to overseas start-ups requiring investment or loans. They would also be relied on for investment banking expertise. NCB's liabilities exceeded its assets by 3.24 trillion yen at the end of March, marking an expansion in the margin by 50.8 billion yen from six months earlier. (The Nihon Keizai Shimbun Tuesday evening edition)

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