Troubled small and medium-size business lender Shinginko Tokyo said Wednesday it has asked the Tokyo Metropolitan Government for a capital injection of ¥40 billion to counter mounting losses from borrower defaults.
In its medium-term business plan unveiled the same day, the metropolitan government-backed bank — the brainchild of Gov. Shintaro Ishihara — set a new target of reaching the black by the end of fiscal 2011, two years later than stated in the previous plan compiled in June.
The bank said it expects to post a net loss of ¥12.6 billion in the business year to March and book about ¥100 billion in accumulated losses.