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Money News

Fast Retailing says to set up JV with Grameen Bank

Pedestrians walk past Fast Retailing's Uniqlo casual clothing store in Tokyo January 8, 2010. apan's Fast Retailing, the operator of the Uniqlo casual-clothing chain, said on Tuesday it would set up a joint venture with Bangladeshi microfinance specialist Grameen Bank. REUTERS/Yuriko Nakao/Files

TOKYO (Reuters) - Japan’s Fast Retailing, the operator of the Uniqlo casual-clothing chain, said on Tuesday it would set up a joint venture with Bangladeshi microfinance specialist Grameen Bank.

The joint venture will be based outside Japan, a Fast Retailing spokeswoman said, declining to reveal further details.

Fast Retailing President Tadashi Yanai and Grameen Bank managing director Muhammad Yunus will hold a joint news conference in Tokyo on Tuesday afternoon to announce the details, Fast Retailing said in a statement.

Fast Retailing shares were up 1.5 percent at 12,760 yen, outperforming the Nikkei stock average, which rose 0.2 percent.

Reporting by Yumiko Nishitani; Editing by Chris Gallagher

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