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Itochu joins regional banks to assist overseas corporate forays

TOKYO -- Itochu, together with Aozora Bank and five smaller regional lenders, will give financial and other support to Japanese enterprises located in outlying areas looking to expand overseas amid a shrinking domestic market.

     GL Connect, Itochu's fully owned corporate finance subsidiary based in Tokyo, will undertake the project. The company plans to raise on Wednesday 2.8 billion yen ($24.7 million) through a private placement of new shares to banks and other investors, bringing its capitalization to 3 billion yen, including reserve capital.

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