August 27, 2018 / 10:54 AM / a year ago

Chairman of Japan's Suruga Bank to resign over lending practices - Nikkei

TOKYO, Aug 27 (Reuters) - The chairman of a Japanese regional bank is set to resign to take responsibility for improper lending on property investments, the Nikkei business daily reported on Monday.

Mitsuyoshi Okano, chairman of Suruga Bank Ltd, will step down to clarify managerial responsibility for failing to prevent spread of improper loans due to lack of governance, Nikkei reported.

Suruga Bank could not be reached immediately for comment on the Nikkei report.

The regional lender in Shizuoka prefecture, central Japan, has been hit by worries about its loans to retail investors for property investments.

Japan’s financial watchdog launched on-site inspection of the bank in April to examine whether senior officials were involved in falsifying documents for loan applications.

The Financial Services Agency (FSA) earlier this year ordered the bank to report on loans it made to retail customers who built so-called share houses, where tenants share bathrooms and other facilities. (Reporting by Tetsushi Kajimoto; Editing by Richard Borsuk)

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