TOKYO -- An agreement by about 90 creditors to bail out three nonbank affiliates of Nippon Credit Bank Ltd. is likely to set the pattern for future nonbank rescues, industry analysts said.
"Major creditor banks can no longer bear the burden of supporting nonbanks alone," said Arami Kurai, an industry analyst at Nomura Research Institute Ltd.
A Nippon Credit spokesman said that creditors of its three affiliated nonbank financial institutions had agreed to help support the ailing affiliates.
The support plan, drawn up by Nippon Credit, will go into effect around the end of this month, the spokesman said.
In May, the bank surprised the financial community by announcing a plan to aid the three nonbanks -- Crown Leasing Corp., Nippon Total Finance Inc., and Nippon Assurance Finance Service Co. -- by waiving interest payments and asking other creditors to cut rates or at least not pull any loans.
Major creditor banks usually take full responsibility for rescuing affiliates.