Nakano Corp. said Monday it has struck a deal with Bank of Tokyo-Mitsubishi and Mitsubishi Trust & Banking Corp., under which the two banks will provide 13.3 billion yen in financial assistance to the midsize construction company.

The banks will forgive 10.5 billion yen in loans to Nakano and purchase 2.8 billion yen in preferred shares to be issued by the construction firm.

With this financial aid, Nakano hopes to clear excess liabilities for fiscal 2003, company officials said.