Word: shinsei
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Immediately, the bank kicked up controversy. It refused to bail out Sogo, a hopelessly debt-ridden but beloved chain of department stores, forcing it into bankruptcy. And the bank initiated bankruptcy proceedings against First Credit Corp., Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-banking business, Shinsei also launched a retail business featuring fee-free, 24-hr. services at its network of 56,000 atms--a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit--about...
...Credit Bank, Japan's government erased much of the bank's bad debts and promised to take back any that turned south through the spring of 2003. Collins hired Masamoto Yashiro, 72, who ran Citigroup's highly successful retail operation in Tokyo, as CEO. LTCB was born again as Shinsei Bank, which was appropriate: shinsei means rebirth...
Will enough Japanese consumers take to banks with baristas in place of tellers? The early results are encouraging. For the six months ending Sept. 30, Shinsei reported a profit of $275 million. And the bank is reported to be preparing to sell its stock to the public in an ipo. "We were pessimistic last spring," says Nana Otsuki, an analyst for Standard & Poor's, "but Shinsei has surprised...
Viewed more broadly, a lot of good things have happened in Japan in the past couple of years--finally. Hundreds of companies like Nissan and Sega have taken Western-style restructuring to heart. The government is letting more companies fall under foreign control, including top financial institutions like Shinsei Bank and consumer-electronics maker Denon. U.S. firms have surpassed mighty Nomura Securities in domestic stock underwriting and merger advice. Corporate bankruptcies are more frequent, as are takeovers--sorely needed to clear away deadwood and reinvigorate competition...