Word: kangyo
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Dates: during 1980-1989
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...help insulate them from defaults in the future. Manufacturers Hanover added $950 million to its reserves, Chase Manhattan $1.15 billion, and J.P. Morgan $2 billion. To shore up its finances, Manny Hanny also agreed to sell CIT Group, its corporate- finance subsidiary, to Japan's Dai-Ichi Kangyo Bank for $1.3 billion...
...Ichi Kangyo is just one of a group of Japanese banks that have become the new behemoths of finance. In fact, the American Banker ranking showed that four of the top five banking companies are now Japanese firms. The others: Fuji Bank ($143 billion at the end of last year), Sumitomo Bank ($136 billion) and Mitsubishi Bank ($133 billion). All told, Japan had five of the top ten banking concerns and 13 of the largest 25. In 1980 none of the Japanese banks were in the top five, and only Dai-Ichi Kangyo ranked among the first...
...dollar, they have become more ambitious, aggressive and resourceful. The Japanese have bought up banks in the U.S. and Australia, financed iron-ore mining in Brazil and provided funding for the underwater Chunnel, which will link England and France. Taking their cue from Japanese manufacturers, banks like Dai-Ichi Kangyo have penetrated foreign markets partly by charging less for loans than their competitors...
...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 Says Nobuya Hagura, president of Dai-Ichi Kangyo: "The regulations are outdated, and they inhibit business performance...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...