Wed, Mar 27, 2002 - Page 17 News List

Mizuho Holdings to aid troubled real-estate firms


The world's biggest banking group Mizuho Holdings Inc said yesterday a core banking unit would provide financial support worth some US$2.6 billion, including a loan waiver, to two troubled real-estate companies.

Industrial Bank of Japan will offer ?257 billion (US$1.9 billion) in financial assistance to Tokyo-based real-estate developer Kowa Fudosan today, the banking giant said in a statement. IBJ has separately agreed to waive ?89.1 billion in loans extended to Jowa Kosan, another Tokyo-based real-estate company, Mizuho said.

Both measures were based on requests made by the two real estate companies, Mizuho said, adding it had no plan to downgrade its earnings forecasts with the financial support.

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