Word: kangyo
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When Dai-ichi Kangyo bank, Fuji Bank and Industrial Bank of Japan merged in 2000 to create the world's largest bank, managers wanted to christen the venture with a hopeful name, a word to signify a new era of Japanese banking free from the backward ways that have helped to cripple the world's second largest economy. The name they chose was Mizuho, meaning "a fresh ear of rice...
...Bankers themselves aren't inspiring much faith. Mizuho?the product of a merger between Fuji Bank, Industrial Bank of Japan and Dai-Ichi Kangyo Bank?only opened its doors in April. It was immediately beset by problems when thousands of Mizuho customers using ATMs to wire cash found that tthe money had been deducted twice from their accounts. Then Japanese utilities sued after Mizuho's computers botched standing orders to pay monthly electricity, phone and gas bills. Because Mizuho handles the Tokyo city government's payroll and tax collection, Ishihara dispatched inspectors to examine the bank's books and management...
...mergers, but with a difference. Instead of trying to compete with U.S. and European banks, the country's financial institutions are combining to avoid bankruptcy following a decade of recession and bad loans. Simple survival was the driving force behind the recent merger of Fuji Bank, Dai-Ichi Kangyo and the Industrial Bank of Japan, three laggard giants whose combined assets of $1.2 trillion make it the largest financial-services company in the world...
...still unraveling tale of hidden loans and payoffs at Japan's financial institutions has tainted several top companies. Just last week, a former chairman of Daichi Kangyo Bank admitted that he regularly paid racketeers not to divulge embarrassing corporate information. Yamaichi Securities' Nozawa dissolved in a shower of presidential tears over $2 billion in bad loans the company could no longer hide...
While most U.S. banks are trimming their global ambitions, America's biggest banking company is showing few signs of retreat. The 178-year-old Citicorp, ! once ranked as the world's largest bank in assets, lost that title to Japan's Dai-Ichi Kangyo Bank in 1986 and slumped to No. 11 in FORTUNE's 1990 ratings. As it stumbled in one market after another, the firm also lost some of its aura of invincibility, but it remains stubbornly committed to maintaining an international presence. Says John Reed, 51, the bank's youthful-looking chairman: "We want to be global...