The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies

By Masahiko Aoki; Hugh Patrick | Go to book overview

Appendix

Examples of Main Bank Involvement in Restructuring of Listed Firms
This Appendix is divided into three periods: the mid-1960s, from the mid-1970s to mid-1980s, and more recent restructurings. The firms are grouped by industry, more or less in the order one finds them (or would have found them, since many no longer trade) in a Japanese stock listing. The code number for the stock of traded companies is in parentheses after the industry (square brackets if the company is no longer traded).The figures in parentheses after the name of a main bank are the percentage of the firm's shares held by the bank, and the bank's share of loans to the firm, both at the time restructuring measures were begun.
na = not available
Sources appear at the end of each listing. Additional sources are various editions of Keizai Chosa Kyokai, Nenpo keiretsu no kenkyu: daiichibu jojo kigyohen (Annual Research on Corporate Affiliations: First-Section Listed Firm Edition), Tokyo: Keizai Chosa Kyokai; and Toyo Keizai Shinposha, Kigyo keiretsu soran (Corporate Affiliation Directory), Tokyo: Toyo Keizai Shinposha. Mid-1960s

Mitsui Chemical
Industry: chemicals (4001)
Main bank: Mitsui (1.8%, 23%)
Background: na
Restructuring: Toyo Koatsu (Mitsui group) chairman entered as president in Nov. 1966. Merged with Toyo Koatsu in Oct. 1968.
Bank Involvement: Mitsui dispatched executive director as vice president in Nov. 1966 and brokered merger.
Source: Nikkei, 7 Oct. 1966, p. 5.

Nitto Chemical
Industry: chemicals (4002)
Main bank: Dai-Ichi (5.0%, 26%)
Background: Rolled-over losses of 5 billion yen from deficit operations.
Restructuring: Two-thirds write-down of capital; Mitsubishi Rayon took equity holding in subsequent doubling of capital issue, took over most (45%) of Nitto's 50% holding in joint venture subsidiary with Union Carbide, and supplied vice president as concurrently serving president.
Bank Involvement: Dai-Ichi dispatched auditor as auditor in Nov. 1966, brokered Mitsubishi Rayon's take-over of Nitto, financed its share purchase, and took over part of Nitto's joint venture holding (5%); with IBJ and Kangyo Bank gave interest exemption on 12 billion yen of loans for three years.
Source: Nikkei, 15 Apr. 1965, p. 5; 3 Aug. 1965, p. 5; 10 Oct. 1965, p. 5; 28 Nov. 1965, p. 5.

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