Shinsei Bank, formerly the nationalized Long-Term Credit Bank of Japan, concluded contracts worth about 5.7 billion yen with three consulting firms, two of which are headed by two Shinsei board directors, the bank said Monday.

Roughly 4.8 billion yen in fees has already been paid for advice on how to negotiate a deal to acquire LTCB from the government.

Under the deal, the international financial consortium New LTCB Partners CV bought all LTCB shares from the government's Deposit Insurance Corp. for 1 billion yen, Shinsei reported.