Industrial Bank Of Japan

Head of Japan Bank Resigns: The chairman of Industrial Bank of Japan resigned to take responsibility for the bank's dealings with a restaurateur charged with using fraud to obtain billions of dollars in loans. Kaneo Nakamura, 68, stepped down as the leader of the prestigious long-term credit bank but will remain as an adviser, a spokesman said. Nakamura's resignation is the latest in a series by top officials since last summer, when scandals began rocking Japan's financial world.

In a move that promises to shake up Japan's entrenched financial system, three large Japanese banks confirmed early today that they have agreed on an alliance that would create the world's largest banking group. Analysts said the combination of two commercial banks--Dai-Ichi Kangyo Bank and Fuji Bank--plus the Industrial Bank of Japan, a long-term-credit bank, could pave the way for a host of other bank mergers and serve as a model for corporate consolidation.

Japanese Bank Chiefs Give Ritualized Apologies: Three Japanese bank chiefs performed ritualized apologies before a parliamentary panel for their banks' roles in a web of scandals. But their remarkably similar words rang hollow to some analysts who had hoped for fundamental changes. The apologies from Yo Kurasawa, president of Industrial Bank of Japan Ltd.; Toru Hashimoto, president of Fuji Bank Ltd., and Sotoo Tatsumi, president of Sumitomo Bank Ltd.

The City Council on Tuesday authorized acceptance of a $75-million line of credit from a Japanese bank to help pay back a $95-million loan that is due April 4. The council unanimously voted to accept an offer of credit from the Industrial Bank of Japan, which offered an estimated 30-day interest rate of 6.17%. The bank was the lowest bidder among the nine financial institutions that extended credit proposals to the city. The agreement can be terminated at any time by the city, officials said.

The city has been offered a line of credit of up to $75 million by the Industrial Bank of Japan to help repay a $95-million loan due next month, city officials said Monday. Anaheim borrowed the money last March to invest in the county's investment pool, which collapsed late last year. In all, the city had a $169-million investment in the fund, representing about 20% of its $874-million investment portfolio.

The City Council on Tuesday authorized acceptance of a $75-million line of credit from a Japanese bank to help pay back a $95-million loan that is due April 4. The council unanimously voted to accept an offer of credit from the Industrial Bank of Japan, which offered an estimated 30-day interest rate of 6.17%. The bank was the lowest bidder among the nine financial institutions that extended credit proposals to the city. The agreement can be terminated at any time by the city, officials said.

The Industrial Bank of Japan may be the key victim of a multibillion-dollar fraud involving a restaurateur and stock speculator who claims to get her financial tips from God. The IBJ admitted Wednesday that it loaned large sums of money to Nui Onoue, 61, who was arrested Tuesday on suspicion of using $2.48 billion worth of phony deposit certificates as collateral to borrow money. A credit officer from Toyo Shinkin Bank in Osaka who forged the certificates for Onoue was also arrested Tuesday.

In a move that promises to shake up Japan's entrenched financial system, three large Japanese banks confirmed early today that they have agreed on an alliance that would create the world's largest banking group. Analysts said the combination of two commercial banks--Dai-Ichi Kangyo Bank and Fuji Bank--plus the Industrial Bank of Japan, a long-term-credit bank, could pave the way for a host of other bank mergers and serve as a model for corporate consolidation.

Allegis Corp. said today that it agreed to sell its Westin Hotel & Resorts unit for $1.53 billion to the Robert Bass Group of Texas and Aoki Corp. of Japan, supported by the Industrial Bank of Japan. Allegis, the parent of United Airlines, said in June that it would break up the company and sell off non-airline pieces.

The city has been offered a line of credit of up to $75 million by the Industrial Bank of Japan to help repay a $95-million loan due next month, city officials said Monday. Anaheim borrowed the money last March to invest in the county's investment pool, which collapsed late last year. In all, the city had a $169-million investment in the fund, representing about 20% of its $874-million investment portfolio.

Head of Japan Bank Resigns: The chairman of Industrial Bank of Japan resigned to take responsibility for the bank's dealings with a restaurateur charged with using fraud to obtain billions of dollars in loans. Kaneo Nakamura, 68, stepped down as the leader of the prestigious long-term credit bank but will remain as an adviser, a spokesman said. Nakamura's resignation is the latest in a series by top officials since last summer, when scandals began rocking Japan's financial world.

Japanese Bank Chiefs Give Ritualized Apologies: Three Japanese bank chiefs performed ritualized apologies before a parliamentary panel for their banks' roles in a web of scandals. But their remarkably similar words rang hollow to some analysts who had hoped for fundamental changes. The apologies from Yo Kurasawa, president of Industrial Bank of Japan Ltd.; Toru Hashimoto, president of Fuji Bank Ltd., and Sotoo Tatsumi, president of Sumitomo Bank Ltd.

The Industrial Bank of Japan may be the key victim of a multibillion-dollar fraud involving a restaurateur and stock speculator who claims to get her financial tips from God. The IBJ admitted Wednesday that it loaned large sums of money to Nui Onoue, 61, who was arrested Tuesday on suspicion of using $2.48 billion worth of phony deposit certificates as collateral to borrow money. A credit officer from Toyo Shinkin Bank in Osaka who forged the certificates for Onoue was also arrested Tuesday.

Japan's economy will grow a net 5.3% in fiscal 1989 and 4.6% in 1990, a Japanese commercial bank predicted today. The Industrial Bank of Japan based its prediction on brisk personal spending and steady growth of disposable income by wage earners. The bank said the Japanese economy will continue sustained growth for years to come. Government reports have said the Japanese economy has expanded for 35 months in a row, the third-longest period of uninterrupted growth in postwar Japan.