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Government Injects Public Funds into Resona Bank.
(From Journal of Japanese Trade & Industry (JJTI))
On May 17, the government decided to inject public funds into Resona Bank, while providing full guarantees for deposits held at the bank. The decision came after the government called the first meeting of the Financial System Management Council under Article 102 of the Deposit Insurance Law.
Resona Bank, the core banking unit of Resona Holdings, has bases in Osaka and Tokyo, and mainly deals with small and medium-sized companies. The bank later formally applied for an injection of \1.96 trillion in public funds, and the government injected the capital in June. As the first bank that was granted special state support, Resona Bank is to seek rehabilitation under the government's close watch.
Following the bailout, Resona Holdings Chairman Kaiho Takashi, President Katsuta Yasuhisa (who is also president of Resona Bank), Deputy President Yanase Yukio and two Resona Bank vice presidents all stepped down. ...
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...The Resona group plans to replace Resona Bank President Masaaki Nomura with Resona Holdings Inc. President Hiroyuki Mizuta...expected to become vice chairman of Resona Bank, the sources said. Resona Holdings will likely promote Director Seiji...
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- Newspaper article from: Knight Ridder/Tribune Business News June 10, 2003 700+ words
...taxpayers money into Resona Bank, the core unit under Resona Holdings Inc., to shore up...modest" estimate, Resona Holdings is expected to rack...injection in 15 years. Resona Bank and Resona Holdings said in the restructuring...
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- News wire article from: AsiaPulse News August 16, 2005 700+ words
...16 Asia Pulse - Resona Holdings Inc. (TSE:8308...partnership in which Resona Bank will promote Pasona...new customers. Resona Bank will receive a...firms. Saitama Resona Bank, another Resona Holdings group bank, is...
- Moody's may raise ratings on Resona Bank, Saitama Resona Bank.
- Newspaper article from: Kyodo News International (Tokyo, Japan) December 17, 2004 700+ words
...Bank and Saitama Resona Bank due mainly to improved...management ability at Resona Bank, a unit of Resona Holdings Inc. The E bank...Trust, another Resona Holdings unit, was placed...to the fact that Resona Bank has improved its...
- Fitch upgrades Resona Bank's individual rating to D from E.
- Newspaper article from: Kyodo News International (Tokyo, Japan) November 15, 2005 700+ words
...Fitch said it expects Resona Bank, a key unit of Resona Holdings Inc., to "report...will be difficult until Resona Holdings clarifies its plan to...group. Osaka-based Resona Holdings has Resona Bank, Saitama Resona Bank...
- FSA approves merger of Resona Bank, Nara Bank.
- Newspaper article from: Kyodo News International (Tokyo, Japan) December 2, 2005 700+ words
...approved a merger of Resona Bank and Nara Bank, both under the wing of Resona Holdings Inc. Through the...restructuring. Apart from Resona Bank and Nara Bank, Resona Holdings also controls Saitama Resona Bank, Kinki Osaka Bank...
- Japanese Bank Resona Holdings Shifts to Two-Headquarters System.
- Newspaper article from: Kyodo News International (Tokyo, Japan) (via Knight-Ridder/Tribune Business News) July 3, 2003 700+ words
...said Thursday. Resona Holdings decided it needs...public funds into Resona Bank, the officials said. Resona Holdings will increase...local areas," a Resona Holdings official said...the money into Resona Bank to replenish its...
