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| Norinchukin Bank President
Yoshio Kono |
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In the wake of the 1997 Asian financial crisis, several Japanese banks realized that they had to rethink their approach to the global market if they were to survive.
Aside from keeping its own economy in order, Japan has urged its Asian neighbors to boost financial cooperation and maintain existing regional development initiatives. Japan is among the many countries that view Asia as a vital contributor to growth for its companies during this current global economic downturn.
Under the leadership of Deputy President and Co-CEO Yoshio Kono, the Norinchukin Bank weathered the financial turmoil by consolidating its foundation in Japan and diversifying its investment portfolio abroad. Kono is to be President and CEO as of April 1 to succeed his predecessor Hirofumi Ueno.
Kono, who had worked for the bank for 36 years, expanded the fi nancial group's activities to include asset management through global investments in financial products such as specialized bonds and loan packages, private equity and real estate development.
As part of its globalization strategy, Norinchukin has renewed its focus on China.
"We are starting to invest in private equity and, particularly, in Chinese real estate development as we focus on China's huge potential for future economic growth," explained Kono.
In China, millions of people are moving from the countryside to urban areas and Norinchukin is mainly targeting the country's second-tier cities as investment locations.
But, Norinchukin is not forgetting its roots.
"Coming from my background in the agricultural ministry, I believe the Chinese agricultural sector will be very important to the future of the bank. Norinchukin would like to act as a representative of Japan to help build a deeper relationship with the people and government of China by sharing our knowledge of primary industries financing, as well as investments," said Kono, whose experience in dealing with the 1997 crisis should prove useful for this current economic downturn.
Established originally in 1923 as a quasi-governmental financial institution and privatized in 1959, the Norinchukin Bank has become one of Japan's largest and most prominent banks and functions as the central depository of the country's agricultural, forestry and fi sheries cooperative systems.
With representative offices in Beijing and Hong Kong and branches in the world's financial centers - including New York, London, and Singapore-Norinchukin's global network enables 24-hour coverage of the world's markets under the control of its head office in Tokyo.
www.nochubank.or.jp
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