Japan Norinchukin Bank Pres. to Resign after Huge Loss
Tokyo, Feb. 18 (Jiji Press)--Norinchukin Bank President Kazuto Oku plans to step down as early as the end of March after the Japanese lender reported a huge net loss, it was learned Tuesday.
The leadership change at the central organization for financial institutions for agricultural, forestry and fisheries cooperatives will be informally decided at a supervisory committee meeting.
Chief Financial Officer Taro Kitabayashi, 54, is expected to succeed Oku, 65.
The regular term of the bank's president is three years. Oku took office in June 2018 and entered his third term in June last year. He will leave midway through the term after dealing with massive foreign bond investment losses, which resulted in the net loss.
At Norinchukin Bank, latent losses on bond holdings had exceeded 2 trillion yen as of March 2024, driven by rising interest rates abroad.
(2025/02/18-23:12)
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