TOKYO: Japan's Shinsei Bank said it will fall more than 70% short of its full-year profit forecast due to widening subprime losses, and will sell its Tokyo headquarters to Morgan Stanley to help offset the damage.
Shinsei, which still owes the government more than 200 billion yen (US$2bil) from a bailout in the 1990s, has been one of the Japanese banks hit hardest by the subprime crisis.
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