J-Will may buy the Incubator Bank of Japan
J-Will Partners, a leading private equity firm based in Tokyo, has emerged as one of the potential bidders to take over the failed Incubator Bank of Japan, joining local lenders Aeon Bank and Kyoto Credit Cooperative to vie for the asset.
The Incubator Bank of Japan filed for Chapter 11 in September of last year. At the time, Financial Services Minister Shozaburo Jimi announced that a deposit protection scheme would be invoked for the first time since it was instituted in 1971 to protect those who were affected, with the government covering up to JPY10 million ($0.12 million) in deposits and principal interest. Incubator Bank’s auction, led by the Deposit Insurance Corp. of Japan, was completed yesterday, and the financial reorganization administrator is now set to choose a buyer. The bank had approximately JPY592.7 billion ($7 million) in deposits as of March 31.
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