Japan's Nojima May Raise Stake in Suruga Bank

Economy

Tokyo, June 14 (Jiji Press)--Japanese electronics retailer Nojima Corp. <7419> may raise its stake in Suruga Bank <8358> if such a move boosts synergies and corporate value further, President Hiroshi Nojima said Friday.

The president made the comment at general shareholders meeting in Yokohama, near Tokyo.

Nojima holds an equity stake of 4.99 pct in the bank, reeling after the revelation of fraudulent loans for real estate investment. The two sides reached a basic agreement on a business alliance last month.

Some shareholders voiced concerns about the retailer's relations with the scandal-tainted bank.

The president said the problem at the bank resulted from its excessive pursuit of profits.

[Copyright The Jiji Press, Ltd.]

Jiji Press