Aozora Bank Ltd. added four new investors to its business succession fund and said at least 10 other regional financial institutions are considering making investments in the fund.
Tottori Bank Ltd., Kirayaka Bank Ltd., Bank of Toyama Ltd. and Miyazaki Taiyo Bank Ltd. were confirmed as upcoming investors in Aozora Bank's Succession Investment LP I, the bank said. At least 10 other regional financial institutions are considering making investments in the fund and the amount to be invested is expected to reach ¥3 billion.
The fund was jointly established with Japan Asia Investment Co. Ltd. and aims to provide solutions to the business succession challenges facing small and medium-sized enterprises in Japan.
Aozora Bank also announced that the general partner of the fund was changed to AJ Capital Co. Ltd. from Japan Asia Investment. AJ Capital is a new joint venture established by the bank and Japan Asia Investment.
As of June 6, US$1 was equivalent to ¥110.07.
