include Citigroup Inc., announced Tuesday that it has reached a preliminary agreement with the Japanese government to buy Long-Term Credit Bank of Japan Ltd. for $1.1 billion.

After becoming insolvent, Long-Term Credit Bank was taken over by the Japanese government in October 1998. Its purchase by New York-based Ripplewood and its investors, which also include GE Capital, would make it the first foreign-owned Japanese bank.

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.