NIS Group Slumps as Liabilites Mount After Incubator Bank's Bankruptcy

NIS Group Co. fell as much as 39 percent in Tokyo after the Japanese consumer and business lender said its liabilities may exceed assets after Incubator Bank of Japan Ltd. went bankrupt.

NIS has 9,720 shares in Incubator Bank, which declared bankruptcy last week, NIS said in a statement on Sept. 10. NIS also has 6.7 billion yen ($79 million) of debt in Incubator Bank.

NIS fell 33 percent to 12 yen at 9:19 a.m. in Tokyo, after earlier declining 39 percent to 11 yen.

To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net

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