Retailer Nojima Buys 4.99 Pct Stake in Embattled Suruga Bank

Economy

Tokyo, June 10 (Jiji Press)--Japanese electronics retailer Nojima Corp. <7419> has acquired an equity stake of 4.99 pct in Suruga Bank <8358>, according to a notice released Monday by the troubled regional lender for its upcoming general shareholders meeting.

The stake makes Nojima the bank's second-largest shareholder, behind SG Investment, a company owned by the lender's founding family. The top shareholder owns 5.48 pct of the bank based in Numazu, Shizuoka Prefecture, central Japan.

Suruga Bank announced in May that it would conclude separate business tie-up agreements with Shinsei Bank <8303> and Nojima, after last year's revelations of its fraudulent lending for real estate investment.

Proposals to be voted on at the shareholders meeting, to be held in Numazu on June 26, include the appointment as vice president of Kosuke Saga, a board director of SG Holdings Co. <9143>, the parent of major parcel delivery firm Sagawa Express Co.

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