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Aozora Bank, other Japanese banks invest in GL Connect

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Aozora Bank, other Japanese banks invest in GL Connect

Aozora BankLtd. said March 29 that it invested in GL Connect Corp., a whollyowned corporate finance subsidiary of ITOCHU Corp.

Aozora Bank's stake will increase to 19.90% after theinvestment, while ITOCHU will retain a 48.87% in GL Connect, which is expectedto become an Aozora Bank affiliate company.

Several other Japanese regional banks also invested in GLConnect. The banks are KagoshimaBank Ltd., ShonaiBank Ltd., JurokuBank Ltd., Toho BankLtd. and Iyo BankLtd.

GL Connect will operate a joint venture enterprise and willoffer customers with business solutions in addition to existing financialservices.