Word: hagura
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Dates: during 1980-1989
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...capital in a few hands, the Japanese put into their banking law a word-for-word translation of the American Glass-Steagall Act, which prohibits banks from underwriting corporate securities. In addition, the Japanese have restrictive rules on the interest rates that banks can pay depositors. Says Nobuya Hagura, president of Dai-Ichi Kangyo: "The regulations are outdated, and they inhibit business performance...
Nobody should know better than Hagura. As the expansion-minded head of Dai- Ichi Kangyo, he oversees a vast network of offices from Chicago to Caracas and Madrid to Melbourne. Dai-Ichi Kangyo tries to portray itself as a friendly institution. Its slogan: "The Bank with a Heart." Like most major Japanese banking concerns, it belongs to a keiretsu, an industrial group made up of dozens of interconnected companies. The bank owns stock in the companies and extends them much of the credit they need. The Dai-Ichi Kangyo keiretsu includes such well-known firms as Hitachi, Isuzu and Kawasaki...
...below the going rate at American banks. Says David Lough, a chief executive with London-based National Westminster Bank: "The Japanese take a very long-term view of markets. They are quite prepared to loss-lead in the early stages." But Japanese bankers shrug off the criticism. Says Hagura: "You always get accused of undercutting when you're expanding...
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