Officials of Tokyo Sowa Bank's new owner-to-be said Thursday they intend to rebuild the failed regional bank's "niche retail" functions by targeting small firms and individuals left behind in the era of megabank mergers.
The Lone Star Fund, a Texas-based investment fund, was selected from among four final candidates by the Financial Services Agency to acquire the assets and liabilities of Tokyo Sowa, a failed regional bank based in the Tokyo metropolitan area.
Under the contract signed with the bank's administrators the same day, Lone Star will pay 100 billion yen for Tokyo Sowa's business rights. It will spend an additional 40 billion yen to set up a new bank to take over Tokyo Sowa's activities on June 11.