Business Services Industry
Dai-ichi Mutual Life Insurance Co. Eyes Public Offering of Subordinated Bonds.
Knight Ridder/Tribune Business News, June, 2003
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Jun. 13--TOKYO, June 13 Kyodo TX# (EDS: ADDING INFO) Dai-ichi Mutual Life Insurance Co. is planning to raise around 50 billion yen of capital funds by the end of September through conducting the first-ever public offering of subordinated bonds in the industry, sources familiar with the plan said late Thursday.
Dai-ichi Mutual is working out the details of the plan aimed at boosting its capital base, the sources said.
Japan's life insurance industry has been criticized for its practice of cross-shareholding with banks and other major companies, and Dai-ichi's plan to offer subordinated bonds to the public is an apparent attempt to diversify its fund-raising sources and...
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