Interim FY2006 Business Results Presentation · 2. Profitability : Overview Consolidated Net...
Transcript of Interim FY2006 Business Results Presentation · 2. Profitability : Overview Consolidated Net...
December 1, 2006 (Friday)
Interim FY2006 Business Results Presentation
1Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Table of Contents
Aozora Bank Business Strategy
Outline of Interim FY2006 Results
2Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
1. Aozora Bank at a Glance
Cerberus NCB Acquisition, L.P. 62% 41% 35% 28%ORIX Corporation 15% 10% 9% 7%Tokio Marine & Nichido Fire Insurance Co., Ltd. 15% 10% 9% 7%Other 88 financial institutions 8% 5% 7% 5%Deposit Insurance Corporation of Japan / The Resolution and Collection Corporation(3) - 33% - 22%
Founded in April 1957(The Nippon Fudosan Bank, ltd.)Temporarily nationalized in December 1998 (state control under Financial Revitalization Law) Re-privatized in September 2000Changed name from Nippon Credit Bank to Aozora Bank in January 2001Changed status from a Long-Term Credit Bank to an “ordinary” commercial bank on April 1, 2006Listed on TSE on November 14th
Overview (as of September 2006)History
Headquarter in Chiyoda-ku, TokyoHeadquarters and domestic branches: 19(Nov. 30th)Overseas offices: 4Interim FY06 Net Income: JPY 53.4 billionNet Assets: JPY 762.8 billion; ROE: 14.0% Total Assets: JPY 6,438.8 billion; ROA: 1.6% Credit Rating: Baa1 (Moody’s); BBB+ (S&P); A- (Fitch); A- (R&I); A (JCR) (Nov. 30th)
Shareholders
(1) Interim Net Income / Term-end Net Asset (Annual Basis)(2) Interim Net Income / Term-end Total Net Asset (Annual Basis)(3) Assumes conversion rate of 1 to 5 for Series 4 Preferreds and conversion price of JPY450 for Series 5 Preferreds(4) Post Greenshoe option exercised
Post IPO (4)Prior to IPO
Fully-DilutedCommonFully-DilutedCommon
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2. Growth in Corporate Business
3,489.3
3,136.3
2,655.02,666.32,965.5
0
1,000
2,000
3,000
4,000
3/04 3/05 9/05 3/06 9/06
Impact in Six Months (4/2006 – 9/2006) Refocus on Loan Growth (1)
63 new client relationships
– JPY 1.75 billion of fees and commissions from new customers
Increase of JPY 353.0 billion in loans
– Loan growth of 11.3% (1) vs. 0.8% average for key major City and Trust banks (2)
Refocus
(2) Based on publicly available information published by MUFG, Mizuho, SMFG, Resona, Mitsui Trust, and Sumitomo Trust and Banking
Loans Outstanding
3/04 3/05 9/05 3/06 9/06
(1) Consolidated basis (1) Consolidated basis
– Approx. 120bil. Increase in total assets
Focusing on MEs
– Sales for MEs and financial consulting of its owner
– Advisory on capital policy, Utilization of PE fund
4Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
4.58.8
15.5 13.1
10.9
10.5
10.69.3
1.8
6.3
4.3
2.5
2.6
8.7
4.1
17.9
23.7
41.0
30.7
0
5
10
15
20
25
30
35
40
45
50
FY3/04 FY3/05 FY3/06 FY9/06
3. Major Player in High-Margin Specialty Finance Market
Investment Banking(1)
(1) Consolidated Managerial Accounting Basis
(JPY in billions)
RealEstateFinance
StructuredCredit
GlobalFinance (Europe)
LeveragedFinance (Japan and Asia)
CAGR 51.5%
•S■Real Estate Finance
- Non-recourse real estate finance, mezzanine, equity and J-REITs
Structured Credit
- Asset Finance, Special Situations, Recovery Finance, Credit Trading and Hospital Finance
Global Finance
- Syndicated loans in European and U.S. Markets
Leveraged Finance
- One of leading players in emerging leveraged finance market in Japan
- Recently expanded in non-Japan Asia with opening of subsidiary in Hong Kong
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4. Leveraging Existing Relationships with Financial Institutions
Non-performing loan investment
Ship finance
Hospital-relatedfinance
Total Universe(1)
Number Total(2)
DepositsTotal
Loans
Aozora Coverage
Ratio(3)
City and Trust Banks(4)
10 324.3 238.9 100%
243.0
109.2
15.9
--
--
181.6
62.7
100%
93%
55%
53%
79%
9.3
--
--
Regional Banks 111
Cooperative Banks
292
Credit Cooperatives
172
Others(5) 98
Financial Institution Relationship Managers
60
Total 683
Financial Institutions CoverageAs of March 2006 Key Opportunities
Sourcing Distribution Advisory
Asset-backedsecurities
Asset-backedcommercial paper
Collateralizedloan obligations
Privately placed fund products
Structured debt instruments
Arranger of syndicated loans
Loan portfolios for securitization
Other Asset-backedsecuritizations
(JPY in trillions)
(1) Source: Bank of Japan(2) Including CDs(3) % of financial institutions that have completed transactions with Aozora(4) Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, SMBC, Resona Bank, Mizuho Corporate Bank, Saitama Resona Bank, Mitsubishi UFJ Trust & Banking, Mizuho Trust & Banking, Chuo Mitsui Trust &
Banking, Sumitomo Trust & Banking(5) Governmental financial institutions, insurance companies, other banks, etc.
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5. Targeted Expansion of Retail Banking
Almost doubled retail deposits to JPY 1,271.7 billion in 5 years (19.2% CAGR); funds over 20% of the total liabilitiesImportant source of funding
Affluent customer base
Growth in fee and commission income
Strategy for growth
Over 200,000 customers with average deposits of over JPY 6.5 millionHigh potential cross-selling of investment products
Demonstrated growth in sales of investment trusts and variable annuities
19 branches, in Tokyo and 10 other major cities in JapanNew flagship branch in Nihonbashi in central Tokyo in November 2006National account access through Japan Post’s ATM networkCentralized loan center and back office functions for efficiencyPlans to provide 24/7 access through call center, ATMs and internetSelective expansion of branch networkRelocation of some branches and branch refurbishment based on the new Nihonbashi flagship branch
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Michael E. Rossi(1)
Chairman
Former Vice Chairmanof Bank of America Corporation
Hirokazu Mizukami(1)
President
Former Managing Executive Officer of The Sumitomo Trust & Banking Co., Ltd.
Kimikazu Noumi(1)
Vice Chairman
Former President of Nourinchukin Zenkyoren Asset Management Co., Ltd.
Office of Chief Executive Senior Managing Executive Officer
Katsutoshi Ishida
CCOCredit
Takeyoshi Morikawa
Retail Banking
David Hackett
CFOFinance
Former Managing Director at Nikko Citigroup
Izumi Ogura
Financial Markets
Former Branch Manager of Dresdner Bank AG Tokyo
Lee Millstein(1)
Corporate & InvestmentBanking
Former Managing Director of Morgan Stanley Japan
Carlos A. Erchuck
CRORisk
Former Executive Director and Senior Credit Risk Officer for the Asia Pacific of UBS AG Tokyo
Yuji Inagaki
CMOMarketing
William Chute
CTOTechnology & Operations
Former Managing Director and Chief Information Officer of Nikko Citigroup
Hiroshi Jinno
Financial Institutions
Former Managing Director at J.P. Morgan Partners Asia Pte., Ltd
(1) Denotes a Board member
6. Experienced Management Team
Diverse Blend of Skills and Experience
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Former Chairman of Lehman Brothers Japan
Former Vice Chairman of Merrill Lynch
Former Vice President of the United States (1989-1993)
Chairman & CEO of ORIX Corporation
Former Assistant to President Bush for Economic Policy and Director of National Economic Council of United States
Senior Advisor of Cerberus Global Investment Advisors, LLCFormer Chairman of the Supervisory Board of the Netherlands Pensions and Insurance Supervisory Authority and Chairman of the Supervisory Board to the Dutch Central Bureau of Statistics
Former Director of the Domestic Monetary Affairs of the Netherlands Ministry of Finance
Director & President of Tokio Marine Asset Management
President of Cerberus Global Investment Advisors, LLC
Kiyoshi Tsugawa
John L. Steffens
James Danforth Quayle
Yoshihiko Miyauchi
Lawrence B. Lindsey
Pieter Korteweg
Marius J.L. Jonkhart
Yoichiro Iwama
Frank W. Bruno
7. Global Standard Corporate Governance
9 out of 13 Board Members are Outside Directors
The Audit and Compliance Committee is comprised solely of non-executive directors
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8. Management Targets
Low double digit % growth in Net Revenue
High single digit % growth in costs
Loan book growth to exceed industry average
Ultimately capital adequacy
Tier 1 8~10%
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M & A
Provision for BaselⅡ
Repayment of Public Fund
Return to Shareholders
Consolidated Shareholder’s Equity
Track Record of Success in Delivering Corporate Value
9. Delivering Corporate Value
Capital Utilization
461477
498527
612
763
723
200
300
400
500
600
700
800
End Mar.2001
End Mar.2002
End Mar.2003
End Mar.2004
End Mar.2005
End Mar.2006
End Sep.2006
(Bil. yen)
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GMAC Deal
10. Recent Achievement
Investment amount : USD 500 million
Ownership of GMAC : over 3%
3 types of benefit・Capital gain on exit
・Annual earnings accretion based on holding
・Synergistic business opportunities
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11. Aozora Spirit
Corporate
Governance,
Control
and Risk
Management
global best
practices
Increasing
Corporate
Value
Partnership
with our
counter-parts
for mutually
beneficial
solutions
Keep Challenging Every Possibility in Financial Market
Multi -C
ultural
Pursuit of Targeted
Markets
Flexibility and R
esponsiveness
Challenge the
conventional
Entrepreneurship
Mistakes are
acceptable
Sophisticated and Strict Risk Management Hard Financial Ground
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Aozora Bank Business Strategy
Outline of Interim FY2006 Results
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Record consolidated Net Income of JPY53.4 bil. with 18.8% increase from the previous year:
・Consolidated Net revenue increased by 8.3%・Consolidated Operating profit increased by 29.5%・Consolidated Overhead ratio (OHR) lowered to 45.3% from 45.9%
Continued loan growth and further improvement in asset quality:
・Consolidated loan balance increased by JPY353.0 bil. at end Sep. 2006 ・Non-consolidated NPL ratio at 0.69% as at end Sep. 2006
・Non-consolidated coverage ratio of reserve and collateral etc. stood at 91.1%,remaining at a very high level
High capital adequacy ratio:・Consolidated Tier 1 ratio decreased by 0.60 point to 18.52%・Consolidated capital adequacy ratio decreased by 0.73 point to 18.74%
1. Interim FY2006 Financial Highlights
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Record Consolidated Net Income from substantial increase in Net Revenue
Strong non-interest income growth drive 8.3% growth in Net revenue, 29.5% growth in Operating Profit, and 18.8% growth in Net income
2. Profitability : Overview
Consolidated Net Revenue
362423
465536
581
0
100
200
300
400
500
600
700
InterimFY2002
InterimFY2003
InterimFY2004
InterimFY2005
InterimFY2006
(100 mil. Yen)
Consolidated Operating Profit
31 47
184
257
334
0
50
100
150
200
250
300
350
400
InterimFY2002
InterimFY2003
InterimFY2004
InterimFY2005
InterimFY2006
(100 mil. Yen)
Consolidated Net income
104 129
336
449
534
0
100
200
300
400
500
600
InterimFY2002
InterimFY2003
InterimFY2004
InterimFY2005
InterimFY2006
(100 mil. Yen)
16Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Net revenue of 58.1 bil. yen8.3% increase year-on-year
General and administrative expenses increased but tight cost controls led to low Overhead Ratio
• Consolidated Overhead Ratio down to 45.3%, notwithstanding robust investments in people and technology for future growth
Positive Developments in Revenue Growth andDiversification Support Gains in Earnings
(100 million yen)
Consolidated net revenue (*1) 581 45 536
Net interest income 217 -53 270
Non-interest income 364 97 267
Net fees and commissions 78 12 66
Net trading revenues 31 1 30
Net other operating income 254 83 170
Gains (losses) on bond transactions 71 20 51
General and administrative expenses -263 -17 -246
Business profit (*2) 318 28 290
Write-off/loss on disposition of loans -31 -3 -28
Write-off of loans -31 4 -36
Provision for General loan-loss reserve etc. (*3) - 1 -1
Loss on disposition of loans - -8 8
Gains (losses) on stock transactions 33 24 9
Other 15 28 -13
Operating profits 334 76 257
Extraordinary profits (losses) 199 24 176
Reversal of reserve for possible loan losses 170 11 159
Reversal of general reserve for possible loan losses 151 -62 213
Reversal of specific reserve for possible loan losses 17 72 -55
Reversal of reserve for loans to restructuring countries 3 1 1
Recoveries of written-off claims 5 -13 17
Reversal of reserve for credit losses on off-balance sheet instruments 4 4 -
Other extraordinary profits (losses) 20 21 -1
Income before income taxes and others 533 100 433
Current and deferred taxes 2 -15 16
Minority interest in net income -1 -0 -0
Net income 534 85 449
Credit-related expenses (*4) 143 12 131
(*1) Consolidated net revenue:(Interest income - Interest expenses)+(Fees and commisssions income - fees and commissions expenses)+ (trading revenue - trading expenses)+(Other operating income - other operating expenses)
(*2) Business profit = Consolidated net revenue - General and administrative expenses(*3) Provision for General loan-loss reserve includes reserve for credit losses on off-balance sheet instruments.(*4) Credit related expenses =Expenses on problem loan disposals + Provision for general loan losses, including reversal amount posted as Extraordinary profits.
Interim FY 2005Interim FY 2006 Change
2. Profitability : Earnings Review
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Overhead Ratio at a stable, Low Level
Overhead Ratio excluding deferred profit from macro-hedging decreased by 5%
2. Profitability : Overhead Ratio
Average yield on loans improved to 2.05% (consolidated)
Average yield spread (margin) rose to 1.59%(consolidated)
(*1) "Yield on loans" minus "Yield on debentures, deposits & certificates of deposit"
1.92%
2.05%
1.54%1.59%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
2.20%
Second Half of FY2005 First Half of FY2006
Average yield on loans (consolidated)
Average yield spread (margin)*1 (consolidated)
Operating Efficiency (OHR)
234
246
263
56.1%
50.4%
45.9%
50.3%
45.3%
200
220
240
260
280
Interim FY2004 Interim FY2005 Interim FY200640%
45%
50%
55%
60%
65%G&A (Consolidated)
OHR
OHR (excluding deferred profit from macro-hedging)
100 mil. yen
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Consolidated Non-interest income as percentage of total Net Revenue up 12.9 points year-on-year (to 62.6% from 49.7%)
Consolidated Net Fees and Commissions up 18.6%
Consolidated Net Other Operating Income up 49.0%
・ Largely from gains on bondtransactions and gains on limited partnership investments
Continued Execution of Strategy to Enhance Earnings Quality and Diversity
2. Profitability : Breakdown of Net Revenue
Breakdown of Consolidated Net Revenue
26 37 43 66 7815 2042
30 31
1851
72
170
254
47
47
47
302
267
261
223
217
0
100
200
300
400
500
600
InterimFY2002
InterimFY2003
InterimFY2004
InterimFY2005
InterimFY2006
Net interest income (excluding def erred hedge gains re priormacro-hedging)Def erred hedge gains re prior macro-hedging (accounted asNet interest income)
Net other operating income
Net trading rev enues
Net f ees and commissions
100 m il. yen
19Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Consolidated Net Revenue* by Business Group
2. Profitability : Breakdown of Net Revenue by Business Group
69.2
45.6
31.3
9.7
7.2
3.0
11.2
3.60.2
1.2
0
20
40
60
80
100
120
FY2005 Interim FY2006
Others (unallocated)
RBG
FIG
FMG
CIBG
(Bil. yen)120.1
62.1
**Consolidated net revenue by managerial accounting basis + Gains(Losses) on stock transactions*
20Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Not Overly Reliant on Any Single Source of Non-Interest Income
(Consolidated, 100 mil. yen)
Financial Institutions
Retail Banking Financial Markets
Corporate Banking Investment Banking
■ Syndicated loan related fees■ Securitization related fees■ Fees on issuing private placement bonds■ Sales of private investment trust products
■ Loan related fees (Commitment line,
loan securitization etc.)
■ M&A fee
■ Investment banking business related revenues ・Real estate finance ・Recovery finance ・Ship finance ・Leveraged finance etc.
■ Investment related revenues ・REIT investment ・Investment partnerships related to recovery finance ・Investment partnerships related to real estate ・Investment partnerships related to venture capital
Corporate & Investment Banking
■ Fees related to sales of investment trust products and annuity insuranace to retail customers
Totalnon-interest
income: 364
■ Trading revenue, including derivatives trading■ FX transactions, including currency options■ Hedge funds
2. Profitability : Breakdown of Non-interest Income
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Maintains Superior Capital Strength while Rebalancing Asset Base
Total increased through accumulation of high quality assets
• Consolidated loans and bills discounted up 11.3% from end Mar. 2006
• 11.7% increase in investment securities, mainly JGBs
Increased both deposits and certificates of deposits, with steady increase in retail deposits
<Consolidated> (100 million yen)
End Sept. 2006 Change End Mar. 2006
〈Assets〉
Cash and due from banks 1,059 -2,601 3,659
Call loans and bills bought 2,307 145 2,162
Trading assts 746 -192 939
Securities 18,185 1,903 16,282
Loans and bills discounted 34,893 3,530 31,363
Deferred tax assets 280 4 276
Reserve for possible loan losses -624 193 -817
Other 7,542 1,446 6,096
Total assets 64,388 4,428 59,959
〈Liabilities〉
Deposits and Certificates of deposit 33,213 1,250 31,963
Debentures 12,325 1,722 10,603
Call money and bills sold 3,294 -551 3,845
Trading liabilities 763 -286 1,049
Other 7,164 1,905 5,258
Total liabilities 56,760 4,041 52,719
Minority interest in consolidated subsidiaries - -7 7
〈Net assets〉
Capital stock 4,198 - 4,198
Capital surplus 333 - 333
Retained earnings 3,183 474 2,709
Treasury stock -0 - -0
Net unrealized losses on available-for-sale securities, net of taxes -74 -67 -7
Net deferred losses on hedging instruments, net of taxes -23 -23 -
Minority interests 6 6 -
Total net assets 7,628 394 7,234
Total liabilities and net assets 64,388 4,428 59,959 (Note) Figure of "Total liabilities and net assets" as of end Mar. 2006 is equivalent amount of "Total liabilities, minority interests and
shareholders' equity" on the respective dates.
3. Balance Sheet : Overview
O uts tanding balance of depos its (by type of deps itor)
530 6731,005 1,101 1,144 1,272 1,355
844944
1,132 952 7191,042 988
373528
418 548515
871 982
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Mar. 2001 Mar. 2002 Mar. 2003 Mar. 2004 Mar. 2005 Mar. 2006 Sep. 2006
(Non-consolidated bas is )
Negotiable certificate of depos itsO ther depos itsRetail depos its
(Bil. yen)
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Consolidated Capital Adequacy Ratio: 18.74% at end Sep. 2006, down from 19.47% at end Mar. 2006
Consolidated Tier 1 Ratio: 18.52% at end Sep. 2006, up from 19.12% at end Mar. 2006
Negligible usage of deferred tax assets Government ownership of common stock reduced to approx. 22% from 33%
Increase in Profits and Risk-weighted Assets has kept Consolidated Capital Adequacy Ratio to over 18%
(Note) Figures at end September 2006 are preliminary.
<Consolidated> (100 million yen)
End Sep. 2006 Change End Mar. 2006
Capital adequacy ratio 18.74% -0.73% 19.47%
Tier 1 ratio 18.52% -0.60% 19.12%
Risk-weighted assets 41,293 3,744 37,550
(1) Tier 1 7,652 472 7,180
(2) Tier 2 (qualifying as capital) 258 23 235
(3) Deducted items -169 -68 -101
Capital (1) + (2) + (3) 7,741 428 7,313
(4) Deferred tax assets 280 4 276
Deferred tax assets/Tier 1 (4) / (1) 3.66% -0.18% 3.85%
3. Balance Sheet : Quality of Capital①
5,431 6,1727,313 7,741
5,205 6,0457,180 7,652
37,550
41,293
34,67233,003 19.47%
18.74%
15.66%
18.70%
19.12%18.31%
15.01%
18.52%
0
10,000
20,000
30,000
40,000
End Mar. 2004 End Mar. 2005 End Mar. 2006 End Sep. 200610%
15%
20%
25%
Risk-weighted assets
Regulatory capital
Tier1 capital
Capital adequacy ratio
Tier 1 ratio
(100 million yen)
23Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Current Public Funds
3. Balance Sheet : Quality of Capital②
Net proceed required by governmentPrior to IPO: JPY 355.0 bil.
Proceed at IPO: JPY 127.7 bil.
Post IPO: JPY 227.3 bil. at minimum
Number of shares Per stock
24,072,000
@ 1,000
258,799,500
@ 600
Total JPY 179,351,700,000 - - 465,426,000
5th preferredstock
JPY 155,279,700,000 600 / 450 per stock
Book ValueCurrent number of
common stocksequivalent
Conversion Ratio
JPY 24,072,000,000 5 per stock 120,360,000
345,066,000
4th preferredstock
24Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
■ Ratio of FRL Credit to Total Credit Maintained at Low Level of 0.69%*
■ High collateral and reserve coverage maintained at 91.1%* *non-consolidated basis
3. Balance Sheet : Quality of Asset
*(*) Quoted from publicly disclosed figures on bank subsidiary basis for Mizuho FG, Sumitomo Mitsui FG, Mitsubishi-UFJ, Resona, Sumitomo Trust and Mitsui Trust.
(At end Sep. 2006)
Aozora 6 major Japanese banks (*)
FRL Credit to total credit 0.69% 0.83~2.52%
Ratio of coverage by reserves, collateraland guarantees to FRL credit 91.1% 73.1~87.5%
25Copyright(C) 2006 Aozora Bank, Ltd.All Rights Reserved.
Operating Profit and Net Income Trends and Forecast
4. Outlook : Current & Projection
JPY 100 mil.
257 334
357318
449534
752
276(Forecast)
0
200
400
600
800
1,000
1,200
Net Income Operating Profit
2nd Half Net Income
1st Half Net Income
2nd Half Operating Profit
1st Half Operating Profit
Operating Profit Net Income
FY2005 FY2006
614
1,201
652
810 (Forecast)
This presentation material contains information that constitutes forward-looking statements. The statements are not guarantees of future performances and involve risks and uncertainties. The actual results may differ from the forward-looking statements due to factors including changes in economic conditions and market interest rates etc.
< Inquiries >
AOZORA BANK, LTD.
Corporate Communication Group
TEL: 03-5212-9253
FAX: 03-3239-8065
URL: http://www.aozorabank.co.jp
Harada: [email protected]
Sengoku: [email protected]