Korean lender A&P Financial agrees to buy Takefuji

TOKYO, April 28 Thu Apr 28, 2011 4:15am EDT

TOKYO, April 28 (Reuters) - Korean consumer lender A&P Financial has agreed to buy failed Japanese consumer lender Takefuji Corp, Takefuji said.

Seoul-based A&P Financial will start turning around Takefuji's business in Japan, which was squeezed by a government order to repay overcharged interest to its customers.

A&P Financial was chosen out of a field of bidders that included Cerberus Capital Management , TPG and Japan's J Trust , according to sources with knowledge of the matter.

(Reporting by Junko Fujita)