INTERVIEW: Resona to Establish Fund to Help Small, Midsize Firms

Economy

Tokyo, June 2 (Jiji Press)--Major Japanese banking group Resona Holdings Inc. <8308> plans to establish an investment fund to support small and midsize businesses that have been hit by the novel coronavirus epidemic, the company's president, Masahiro Minami, said in a recent interview with Jiji Press.

The envisaged fund is designed to strengthen such companies' financial bases through providing subordinated loans and acquiring preferred shares, which have no voting rights, according to Minami.

"We want to offer (the fund) as soon as possible," Minami said.

Small and midsize businesses are increasingly struggling with financing after seeing declines in demand amid the virus crisis.

They are in an "unprecedentedly difficult situation," Minami said, while stressing the importance of "coming face to face with clients sincerely."

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Jiji Press