Consortium of Global Financial Institutions Completes Acquisition of the Long Term Credit Bank of Japan, Ltd.Business Editors/Financial Writers TOKYO--(BUSINESS WIRE)--March 3, 2000 -- Prominent Board of Directors Appointed -- New LTCB LTCB Long-Term Credit Bank (Japan) Partners C.V., a consortium of global financial institutions, completed its acquisition of The Long Term Credit Bank of Japan, Ltd. (LTCB) by investing JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 121 billion (approximately US$1.1 billion) to purchase all of the existing and newly-issued common shares of the bank. "This is a historic day for LTCB, its customers and its employees," said Masamoto Yashiro, the bank's newly-designated Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We look forward to returning LTCB to a place of prominence in serving the people of Japan." The new Board of Directors of LTCB convened yesterday to approve the bank's business plan and organization. Outside directors on the Board include: Akira Aoki, Chairman of Japan Securities Finance Co., Ltd., Michael J. Boskin, professor and senior fellow at Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. , Timothy C. Collins, founder and Senior Managing Director at Ripplewood Holdings L.L.C., J. Christopher Flowers, former head of the financial institutions group at Goldman Sachs, Hirotaro Higuchi, Honorary Chairman of Asahi Breweries, Ltd., Takashi Imai, Chairman of the Board of Nippon Steel Corporation and of the Japan Federation of Economic Organizations, Minoru Makihara, Chairman of Mitsubishi Corporation, Donald B. Marron mar·ron n. See Spanish chestnut. [French; see maroon2.] , Chairman and CEO of Paine Webber Group Inc., Martin G. McGuinn, Chairman and CEO of Mellon Financial Corporation, Nobuaki Ogawa (Auditor), a prominent attorney, and David Rockefeller, former Chairman of Chase Bank and The Museum of Modern Art. Paul A. Volcker, former Chairman of the Federal Reserve The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States and one of the most important decision-makers in American economic policies. Bank, and Vernon Jordan, Senior Managing Director at Lazard Freres & Co., were elected senior advisors to the Board. New LTCB Partners C.V. was organized by Ripplewood Holdings L.L.C., a New York-based investment firm, in partnership with J. Christopher Flowers. The consortium is comprised of financial institutions including ABN-Amro, The Bank of Nova Scotia, Banco Santander Central Hispano, S.A., Deutsche Bank, GE Capital Corporation, Mellon Financial Corporation, PaineWebber, RIT RIT, n See therapy, regenerative injection. Capital Partners (associated with Lord Jacob Rothschild), and Travelers Investment Group. |
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