Printer Friendly

Shinsei Bank names John Reed as senior adviser.

TOKYO, July 18 Kyodo

Shinsei Bank has informally named former Citigroup Co-Chief Executive Officer John Reed as a senior adviser, Shinsei officials said Wednesday.

Reed, who is credited with speedily straightening up the once-beleaguered Citibank, will be charged with advising Shinsei's board of directors, the officials said.

At present, Shinsei has former U.S. Federal Reserve Board Chairman Paul Volcker serving as a senior adviser.

Reed was the one-time boss of Shinsei Bank President Masamoto Yashiro, who once served as the chief of Citibank's Japan unit.

The appointment of Reed to the Shinsei Bank board will be formally approved at a board meeting slated for September, they said.

A senior adviser to Shinsei does not have a voting right when board members meet to determine business strategies.

In June last year, the failed Long-Term Credit Bank of Japan (LTCB) renamed itself Shinsei Bank about 19 months after it collapsed and was placed under state control.

In March last year the government sold LTCB to New LTCB Partners CV, a consortium led by Ripplewood Holdings LLC of the United States.
COPYRIGHT 2001 Kyodo News International, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Japan Weekly Monitor
Date:Jul 23, 2001
Previous Article:Dollar up slightly against yen in Tokyo morning.
Next Article:Nikkei stock index sinks into 11,800 level.

Related Articles
LEAD: Hazama's 4 main banks to forgive 105 bil. yen in loans.
LEAD: Shinsei's 1st-half operating balance returns to black.
Shinsei Bank back in black on group pretax balance.
DIC rejects Shinsei Bank's request to buy bad loans to Life.
DIC refusal of Shinsei loan request has no rating impact.
FSA orders Shinsei Bank to boost lending to smaller firms.
Shinsei Bank's effective net profit doubles in fiscal 1st half.
LEAD: Shinsei Bank's effective net profit doubles in 1st half.
Shinsei Bank files for bankruptcy of borrower First Credit.
Shinsei ties up with Shinki to increase loans to small firms.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters