Indeed, as the transformation of The Norinchukin Bank takes it from a traditional structure to a streamlined and more effective business, NOIL is being increasingly called upon to provide and develop financial instruments for both the Bank’s head office and third party customers.

Among the main focuses of NOIL is underwriting for Eurobonds, which are sold to Japanese investors through an affiliate company, fundraising in the REPO market, and treasury operations.

Its easy access to investors in Europe has also allowed it to develop a thriving business selling the bonds to institutional investors throughout the continent. Futashima is particularly keen to build up NOIL’s research activity, which he sees as the key to the Bank’s continued development in foreign capital markets.

NOIL produces weekly and monthly updates on the European economy for institutional investors, provides more closely targeted research on specific industries and borrowers and gives frequent lectures to visitors from Japan about the business and investment climate in the UK, and continental Europe.

“Norinchukin’s activities outside Japan are expanding drastically,” says Futashima. “NOIL is determined to play a major part in this growth and to utilize its potential to the fullest.”

(Editor’s Note: Since the time of the interview, NOIL has appointed a new managing director, Mr. Akira Kurihara. He assumed the position on July 1. Mr. Futashima has been named general manager of the retail loan planning department at the head office in Tokyo, Japan.)