Tokyo, Aug 5, 2008 (Jiji Press) - Top Japanese leasing company Orix Corp. <8591> and credit card firm Credit Saison Co. <8253> are considering business integration in a bid to streamline their operations, informed sources said Tuesday.
The companies are still at an early stage of the integration talks, the sources said.
The future course of the negotiations will hinge on a decision by Mizuho Financial Group Inc. <8411>, Credit Saison's top shareholder with a stake of some 12 pct.
The talks came at a time when realignment moves are accelerating in the credit card and leasing industries.
Leasing units of Sumitomo Mitsui Financial Group Inc. <8316> and Sumitomo Corp. <8053> merged to create Sumitomo Mitsui Finance & Leasing Co. in October 2007, and UFJ Nicos Co. and DC Card Co. became a single card company named Mitsubishi UFJ Nicos Co.
Card companies, in particular, have been severely damaged by declined lending operations after the tightening of business regulations on them, the sources said.
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