- Fuji Bank
company_name = The Fuji Bank, Limited
company_type = Public KK (TYO: 8317) (now defunct)
location_city = flagicon|Japan
key_people = Zenjiro Yasuda, Founder
num_employees = 12,940 (
The nihongo|Fuji Bank, Limited|株式会社富士銀行|Kabushiki-gaisha Fuji Ginkō was one of
Japan's major banks during the post- World War IIera. It combined with Dai-Ichi Kangyo Bankand the Industrial Bank of Japanin 2000 to form Mizuho Financial Group.
In 2002, Fuji Bank's corporate & investment banking division was transferred to
Mizuho Corporate Bankand retail bankingdivision to Mizuho Bankseverally.
Foundation and development
Fuji Bank traces its history as far back as the old
Seventeen year old
Zenjiro Yasudamigrated from Toyama to Edo, settling in Nihonbashi. In 1864, he opened a dry goods store, simply titled Yasuda-ya (lit. Yasuda & Company).cite web | title=Yasuda, Zenjiro|url=http://www.ndl.go.jp/portrait/e/datas/343.html| date=2004] After the Meiji Restorationin 1869, the company positively underwrote bonds for Japanese government, whose credit standing was low then, and restore large treasury surplus. The company also financed many public workssuch as railroads, harborconstructions, and so forth.
The company became incorporated in 1880, with a solid capital of 10 million yen accumulated in Yasuda-ya period, and changed its name to Yasuda Bank. In
Taishō period, the Japanese banking community were thrown into financial difficulties because of World War Iand 1923 Great Kanto earthquake. Yasuda Bank aided many minor, small or medium banks, 11 of whichwere merged into Yasuda Bank in 1923. This merger helped Yasuda Bank become the largest Japanese bank in terms of deposits.
After World War II
World War II, Yasuda zaibatsu were dissolved by the SCAP. On October 1, 1948, Yasuda Bank changed its name to The Fuji Bank, Limited. “Fuji” was named after Mount Fuji, which is a world-famous symbol of Japan, Fuji Bank aiming to be a world-famous Japanese bank. Fuji Bank formed Fuyo Group, one of the largest keiretsus, together with former Yasuda zaibatsu companies.
As the Japanese economy developed, Fuji Bank expanded its business, with leadership positions in syndicated lending, corporate banking, public money management, mortgages, and retail financial services.
Decline and merger
In the 1970s, Sumitomo Bank began to gain market share at Fuji Bank's expense in the retail banking. Fuji impatiently entered into rivalry with Sumitomo. In the late 1980s, however, the
Japanese asset price bubblecomes, and the Japanese banks granted increasingly risky loans. After the bubble's collapse, Fuji's progressive plan also backfired. Fuji lost a great deal of money, swamped by non-performing loan.
In order to find a way out of the difficulties, Fuji Bank attempted to diversify its services, establishing Fuji Securities and Fuji Trust & Banking Co. in 1994. These subsidiaries, however, didn't make so large a profit. Meanwhile, Fuji Bank had to restructure, lay off thousands of employees and sold its 52% stake in
Heller Financialto GE Capital.
A very successful derivatives sub company, Fuji Capital Markets Corp was founded in New York in 1990 going on to become one of the lead players in the swaps market. FCMC went on to open an offices in London in 1992 and Hong Kong in 1994 which still exist as Mizuho Capital Markets Corp. FCMC was noted at the time for its relatively advanced technology, and was one of the first Japanese Banks to connect to the internet, registering the fcmc.com domain in 1993.
November 24, 1997, Yamaichi, Fuji Bank's affiliated securities firm, announced it would cease operations and was declared bankrupt by the Tokyo District Court. In addition, Yasuda Trust & Banking, Fuji Bank's affiliated trust company, ran into problems with earnings and credit quality in 1999. Fuji Bank bought a controlling stake in Yasuda Trust, but Fuji couldn't reconstruct Yasuda for itself any longer .
Just in time,
Dai-Ichi Kangyo Bankproposed to Fuji its becoming a “white knight” for Fuji. Dai-Ichi Kangyo held superior assets, but was left behind the current of the Japanese banks mergers. Fuji Bank weakened by its non-performing loan had no choice but to merge with Dai-Ichi Kangyo, along with the Industrial Bank of Japan, creating Mizuho Financial Groupin 2000.
eptember 11, 2001
September 11, 2001 attackson New York, Fuji Bank's United Statesoffices were located at the impact zone of United Airlines Flight 175in Tower 2. 15 Fuji Bank employees died in the attack.
Japanese financial system
Mizuho Financial Group
Mizuho Corporate Bank
* [http://www.mizuho-fg.co.jp/english/ Mizuho Financial Group]
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