Resona Holdings Inc. decided on Tuesday (26 August) to reduce the number of its subsidiaries and affiliates to one-fourth the current level, said president Eiji Hosoya.
Resona Holdings, which had 46 subsidiaries and affiliates as of the end of March, will bring the number to around 10 by the end of March 2004 through combination and sale, Hosoya said at a press conference.
As a step to achieve the target, Resona Holdings will integrate two factoring units and four manpower supply firms in December, he said.
The restructuring move is aimed at rationalising the management of the Resona financial group following the government's injection of 1.96 trillion yen in public funds into Resona Bank, the core bank of the group, earlier this year to strengthen its capital base.
