Fleet Reported About to Buy Unit of Sanwa
Sanwa Bank Ltd, Japanese financial giant mired in billions of dollars in bad loans, reportedly will sell large American lending unit, Sanwa Business Credit, to Fleet Financial Group for about $700 million; sale price is significantly less than $2 billion originally sought for unit, and is seen as measure of how much merger environment has cooled in recent months; reflects how Japanese banks, dangerously weakened, are continuing to withdraw from US market; both Sanwa and Daiwa Bank Ltd say they will post losses in 1998, and together will need about $7.4 billion in financial aid from Japanese Government to avoid collapse (M)