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. Last Updated: 07/27/2016

Softbank in Bank Bid

TOKYO -- Japan's high-flying Internet investor Softbank Corp. said Friday it hopes to take over a large failed Japanese bank, a move analysts described as a change in direction down a possibly riskier path.

The takeover news came as Softbank announced it had slipped deeper into the red for the second straight interim period, beset by losses from the sale of a U.S. subsidiary.

Softbank, which up until now has aggressively invested in small but safe Internet ventures, said it had filed a preliminary proposal to take over one of Japan's biggest problem banks, Nippon Credit Bank, with a team of major Japanese firms.