Former Bank of Tokyo-Mitsubishi Pres. Kishi Dies at 89
Tokyo, Nov. 21 (Jiji Press)--Satoru Kishi, former president of Bank of Tokyo-Mitsubishi, a predecessor of MUFG Bank, one of Japan's top three banks, died of kidney failure at his home in Tokyo last Friday. He was 89.
A native of Gunma Prefecture, eastern Japan, Kishi began working at former Mitsubishi Bank in 1953 after graduating from the University of Tokyo's Faculty of Economics. After serving as senior managing director and vice president of the bank, Kishi became the second president of Bank of Tokyo-Mitsubishi in January 1998.
Under his leadership, Bank of Tokyo-Mitsubishi, which was born through the merger of Mitsubishi Bank and Bank of Tokyo in 1996, decided to apply for public funds ahead of peers under the March 1998 government program aimed at stabilizing Japan's financial system, which had been reeling under a crisis.
The decision by Bank of Tokyo-Mitsubishi, seen as the most financially sound bank in the country at that time, prompted other major banks to seek public funds as well.
In 1998, Long-Term Credit Bank of Japan and Nippon Credit Bank, both major banks, went bust under the weight of nonperforming loans, following the collapses in the preceding year of Sanyo Securities Co., Hokkaido Takushoku Bank and Yamaichi Securities Co., one of the country's Big Four brokers at the time.
[Copyright The Jiji Press, Ltd.]