Word: kangyo
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Dates: during 2000-2009
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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...