Fuji’s plan: first restructure, then expand
The restructuring plan has provoked different reactions among investors, neatly divided along geographical lines. In Europe the Edinburgh leg of the roadshow for the deal was perhaps met with the most scepticism. This is understandable. UK investors have been sizeable holders of Japanese bank stocks for most of the past decade and have felt progressively betrayed as poor disclosure led time and again to upward revisions in non-performing loans.
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