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Japan's Regional Banks Are Pressured to Cut Cross-Shareholdings [BNN Bloomberg (Canada)]

NINTENDO CO LTD UNSP/ADR (NTDOY) 
NASDAQ:AMEX Investor Relations: nintendo.co.jp/ir/en
Company Research Source: BNN Bloomberg
Institutional Shareholder Services, a US voting advisory firm, has recommended that Kyoto Financial Group Inc. President Nobuhiro Doi be denied a new term because of the bank's holdings in major customers. Kyoto Financial owns stakes in clients including Nintendo Co. and Nidec Corp., two of the prefecture's biggest companies. The market value of the lender's strategic holdings amounted to a little over 1.1 trillion yen ($7 billion) as of March, bigger than its own market capitalization. The practice of so-called policy shares has been criticized as shielding management by providing a friendly shareholder base and for tying up capital that could be better used elsewhere. “We are committed to improving where we need to improve, asserting where we need to assert ourselves, and deepening our mutual understanding,” Kyoto Financial said in an email. Hachijuni Bank Ltd., based in Nagano prefecture, faces a number of proposals from LIM Japan Event Master Fund including that it cut its Show less Read more
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