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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.
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Publication:Japan Weekly Monitor
Date:Jul 23, 2001
Words:179
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