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Technology Stocks : Softbank Group Corp

SFTBY 70.64

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3:58 PM EST

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To: Edwin S. Fujinaka who wrote (5580)	11/17/2000 2:46:22 AM
From: Edwin S. Fujinaka	Read Replies (1) of 6020

Thursday, November 16, 2000 Softbank Adds NCB To Group Accounts TOKYO (Nikkei)--Softbank Corp. (9984) has added Nippon Credit Bank to its consolidated accounts from the first half ended Sept. 30. Softbank acquired the failed bank jointly with Orix Corp. (8591) and Tokio Marine & Fire Insurance Co. (8751), among others, and owns 48.88% of NCB. The stake is not high enough to include the bank as a consolidated subsidiary, so the bank's assets and debts will not be included in Softbank's group accounts. Instead, NCB will be consolidated under the equity method with profits or losses distributed among investors in proportion to the size of the stake. NCB's group assets totaled 8.3 trillion yen at the end of March this year, more than seven times larger than those of Softbank. The consortium led by Softbank, Orix and Tokio Marine bought the nationalized bank from the government for 101 billion yen on Sept. 1. The bank plans to rename itself Aozora Bank on Jan. 4 next year. (The Nihon Keizai Shimbun Friday morning edition)

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