Word: shinsei
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...results. For every Ghosn, who is now a national hero for saving Nissan, there is a Rolf Eckrodt, the DaimlerChrysler executive who failed to turn around Mitsubishi Motors. For every Ripplewood Holdings, the U.S. investment firm that bought out and successfully relaunched the bankrupt Long-Term Credit Bank as Shinsei Bank, there is a Carrefour, the French retailer that is withdrawing from the country after just five years. Still, Katz sees slow progress. "For a long time, the Japanese élite and public had negative attitudes toward foreign investment, fearing it would mean loss of control. Today, foreign direct investment...
When U.S. Investment Group, led by U.S.-based Ripplewood Holdings, bought the bankrupt Long Term Credit Bank in 2000 and tapped Masamoto Yashiro to run it, he set out to revolutionize the industry. Since taking the helm of the bank--renamed Shinsei, or Rebirth--Yashiro, 75, has presided over one of the most successful turnarounds in Japanese corporate history. With 30 years experience at Exxon and nine more at Citibank, Yashiro has never been a member of Japan's insular financial community. "I don't follow the Japanese way of doing things," he says. Yashiro talks about competition, profitability...
...Bank, Japan's government erased much of the bank's bad debts and promised to take back any that turned south through to the spring of 2003. Collins hired Masamoto Yashiro, 72, who ran Citigroup's highly successful retail operation in Tokyo, as ceo. LTCB was born again as Shinsei Bank, which was appropriate: shinsei means rebirth...
...Immediately, the bank kicked up controversy. It refused to bail out Sogo, a hopelessly debt-ridden but beloved chain of department stores, forcing it into bankruptcy. And the bank initiated bankruptcy proceedings against First Credit Corp., Japan's biggest mortgage-loan specialist. Aside from overhauling its investment-banking business, Shinsei also launched a retail business featuring fee-free, 24-hour services at its network of 56,000 atms?a concept considered revolutionary here. Shinsei offers savers returns higher than those of traditional banks, at which, Yashiro notes, the annual interest income on a 1 million yen deposit?about...
...Will enough Japanese consumers take to banks with baristas in place of tellers? The early results are encouraging. For the six months ending last Sept. 30, Shinsei declared a profit of $275 million. And the bank is reported to be preparing to sell its stock to the public in an ipo. "We were pessimistic last spring," says Nana Otsuki, an analyst with Standard & Poor's, "but Shinsei has surprised...