Shinsei announces ¥140 billion losses

TOKYO – Shinsei Bank has formally announced its results for the fiscal year ending last March, and declared a loss of ¥140.1 billion ($1.5 billion).

The Japanese lender, 33% owned by US firm JC Flowers, had initially forecast a ¥10 billion profit for this year. The losses are blamed on bigger provisions against property loans and Shinsei’s consumer finance business.

Shinsei had been expected to complete a merger with its rival Aozora, owned by US equity group Cerberus. The proposed deal would

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