Yoshifumi Nishikawa, a former chief of Sumitomo Mitsui Banking Corp. who spearheaded a serious shakeup of Japan’s banking sector within the early 2000s, has died, sources stated Friday. He was 82.
Nishikawa was one in all Japan’s most well-known bankers and had a status as a robust chief with daring concepts. In 2005, Prime Minister Junichiro Koizumi chosen him to supervise Japan Publish’s privatization course of, which started two years later.
On the time, the Japan Publish group had some 240,000 staff and its banking unit was the world’s largest deposit holder.
Nevertheless, he resigned as president of Japan Publish Holdings Co. in October 2009 when the Liberal Democratic Celebration’s defeat within the previous summer season’s normal election led to a evaluation of the group’s privatization by the brand new authorities.
Nishikawa, a local of Nara Prefecture, joined what was then Sumitomo Financial institution in 1961 and have become its president in 1997. On the time, the nation’s monetary trade was in disaster resulting from widespread unhealthy debt, with a number of main banks and brokerages collapsing in 1997 and 1998.
As chief of the financial institution that was a part of the Sumitomo conglomerate, he was credited with efficiently finishing its merger with Sakura Financial institution to create SMBC in 2001. The merger began a major shift within the trade as Sakura was an amalgamation of Mitsui Financial institution and Taiyo Kobe Financial institution, which means that two rival conglomerates — Sumitomo and Mitsui — joined forces to determine a megabank.
Whereas on the helm of SMBC and its holding agency, Sumitomo Mitsui Monetary Group Inc., Nishikawa targeted on clearing the ledger of unhealthy loans and enhancing its monetary well being by taking measures together with promoting ¥150.3 billion ($1.4 billion) in SMFG convertible most popular shares to U.S. funding financial institution Goldman Sachs Group Inc. in 2003.
Nishikawa resigned as president of SMBC and SMFG in 2005, however quickly re-emerged as a serious participant in Japan’s company world when he assumed the presidency of Japan Publish Holdings in January 2006 to start out preparations for the privatization.
He aimed to drift Japan Publish Holdings, in addition to its banking and insurance coverage items, as shortly as potential in an effort to execute the LDP’s privatization drive.
Nevertheless, the now-defunct Democratic Celebration of Japan took energy and moved to freeze the deliberate sale of postal shares, and Nishikawa stepped down as Japan Publish Holdings president in October 2009.
“There’s a massive distinction between what I’ve already carried out, and intend to do, within the means of privatizing the Japan Publish group and the brand new authorities’s coverage,” he stated at a information convention on the time.
When the LDP retook energy in 2012, the federal government moved the privatization plan ahead and shares of three items of the Japan Publish group have been listed concurrently on the Tokyo Inventory Change in November 2015.
Nishikawa served as chairman of the Japanese Bankers Affiliation twice, first in fiscal 2000 and once more in fiscal 2004.