Japanese banks Shinsei, Aozora announce plan to merge

Japanese lenders Shinsei and Aozora, which have been hit hard by the global financial crisis, announced Wednesday a planned merger that would create the nation's sixth biggest commercial bank.

Japanese lenders Shinsei and Aozora, which have been hit hard by the global financial crisis, announced Wednesday a planned merger that would create the nation's sixth biggest commercial bank.

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The two companies said in a joint statement that they had agreed to a merger of equals that is expected to take effect by October 2010.