Cerberus-Backed Azora Cuts Earnings Estimates

TOKYO (Reuters) – Japan's Aozora Bank (8304.T: Quote, Profile, Research) is set to cut its earnings estimates for the year ended March 31 for a third time, financial sources said on Wednesday.

The Nikkei business daily said that Aozora's subprime-related losses had swelled to around 50 billion yen ($486 million). [ID:nT303429]

Aozora, whose top shareholder is U.S. private equity firm Cerberus Capital Management [CBS.UL], is likely to cut its net profit estimate for the year to around several billion yen compared with its earlier projection of 26.5 billion yen, the paper said. (Reporting by Taro Fuse)