Suruga Bank Apologizes to Shareholders for Fraudulent Loans

Economy

Numazu, Shizuoka Pref., June 26 (Jiji Press)--Suruga Bank <8358> President Michio Arikuni apologized repeatedly at a shareholders' meeting on Wednesday for fraudulent loans made by the Japanese regional bank for real estate investment.

At the meeting in Numazu, Shizuoka Prefecture, central Japan, Arikuni said, "I would like to deeply apologize to property owners, our customers and our shareholders."

Shareholders approved proposals for corporate governance reform, while angry participants called for Arikuni's resignation. The meeting lasted some three and a half hours.

The Financial Services Agency in October ordered the bank to suspend some of its operations for six months for the loan scandal.

Arikuni asked for shareholders' understanding of the bank's turnaround efforts, saying that the bank will do all it can to improve compliance and finances.

[Copyright The Jiji Press, Ltd.]

Jiji Press