Norinchukin Bank
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Company type | Cooperative bank |
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Industry | Financial services |
Founded | 20 December 1923 |
Headquarters | DN Tower 21, , |
Key people | Yoshio Kono (President and CEO) Mamoru Moteki (Chairman) |
Total assets | JPY 70.76 trillion (US$ 844.4 billion) |
Number of employees | 3,229 |
Website | nochubank.or.jp |
The Norinchukin Bank (
History
[edit]The Norinchukin Bank was founded on 20 December 1923 by the Japanese government to support the country's agriculture industry. Norinchukin is derived from the bank's Japanese name Nō - Rin - Chūō - Kinko (Agriculture - forestry - central - credit union). Norinchukin suffered from a lack of investment funds during World War II, due to restrictions by the Japanese government. After the war, Norinchukin played an important role in rebuilding the country. Once the government encouraged divestment in the textile industry, Norinchukin formed a political lobby to support the agriculture sector. In 1979, Norinchukin set up an international department and formed a relationship with the Bank of Japan. Low interest rates in the 1980s impacted Norinchukin's profitability. The Japanese government adjusted the charter of Norinchukin in 1986 and allowed the bank to operate as a commercial bank. Following the global recession in 2008, Norinchukin indicated it had ¥9.7 billion in losses related to the subprime mortgage crisis. For the 2009 fiscal year, Norinchukin posted a net income of ¥29.5 billion.