Shinsei Bank CFO:Don't See Further Lehman Losses In Fiscal 4Q
03 Februar 2009 - 9:28AM
Dow Jones News
Shinsei Bank Ltd. (8303.TO) said it doesn't expect further
losses from exposure linked to failed Lehman Brothers in the fourth
quarter, but the bank may post losses from investments in
Europe.
"We are not expecting further losses from Lehman" in the next
quarter ending March, Shinsei's chief financial officer, Rahul
Gupta, said in a telephone conference after the quarterly earnings
results. But he added there could be some losses from European
asset backed investments.
Shinsei Tuesday reported a group net loss of Y32.13 billion in
the nine months ended Dec. 31, down from a Y33.54 billion profit in
the same period a year earlier due to losses linked to its exposure
to overseas investments, higher credit costs and exposure to Lehman
Brothers.
Asked to comment on a move announced earlier Tuesday by the Bank
of Japan to buy up to Y1 trillion worth of shares owned by Japan's
banks, Gupta said, "I think overall it's a progressive move, though
it doesn't impact us directly."
Unlike Japan's biggest lenders, Shinsei doesn't own significant
holdings in a raft of Japanese corporations whose value has
dwindled as the world's second-biggest economy falters. That drop
in value has put pressure on capital ratios at some of the
country's biggest banks.
-By Atsuko Fukase, Dow Jones Newswires; 813-5255-2957;
atsuko.fukase@dowjones.com
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