IN BRIEF (Page 17)

Shinsei, Aozora to merge

Shinsei Bank Ltd, backed by investor Christopher Flowers, and Aozora Bank Ltd, agreed to a $5.9 billion merger to form Japan's sixth-biggest bank after losses on overseas investments and bad loans at home sapped their finances.

The Tokyo-based banks appointed Norito Ikeda, 61, former president of Japanese regional bank Ashikaga Bank Ltd, as chief executive officer of the new company, according to a statement to the Tokyo Stock Exchange.