Resona Holdings Inc. formally applied Friday for an injection of 1.96 trillion yen in public funds and presented a restructuring program to the government that featured cuts in personnel and expenses as a condition for the bailout.
Resona Holdings President Kenji Kawada and Resona Bank President Masaaki Nomura announced the measures at a news conference in Tokyo.
The announcement comes two weeks after the government said it would inject taxpayers' funds into Resona Bank, the core banking unit under Resona Holdings, following a sharp drop in the bank's capital adequacy ratio to below the 4 percent required for banks to operate domestically.