July 25, 2017 / 6:22 AM / 2 years ago

Japan's Fukuoka, Eighteenth Bank postpone planned integration

TOKYO, July 25 (Reuters) - Fukuoka Financial Group Inc and Eighteenth Bank , both based in southern Japan, said on Tuesday they would indefinitely put on hold plans to integrate their operations, citing anti-monopoly issues.

Last year, Fukuoka Financial Group, the largest banking group on Japan’s southern-most main island of Kyushu, said it planned to buy Eighteenth Bank with an intention of merging it with Shinwa Bank, which it controls.

Sources have said the Fair Trade Commission was objecting to the merger because the combined entity would control about 70 percent of loans in Nagasaki prefecture, undermining competition. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)

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