Nippon Credit Bank Ltd. said it has hired BT Wolfensohn, the mergers and acquisitions arm of Bankers Trust New York Corp., to sell its United Kingdom business.

Nippon said that, while the sale of its British unit, Nippon Credit International Ltd., is being arranged, it will continue to support the unit's fixed-income and foreign exchange operations. Nippon Credit International employs 30 people.

Nippon said last month that Bankers Trust would help it sell its bad loans, close most of its overseas businesses, and might even invest in a "limited" number of shares.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.