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38-727: In 1971, Nippon Kangyo Bank merged with Dai-Ichi Bank to form the Dai-Ichi Kangyo Bank , subsequently Japan's largest bank and a predecessor to Mizuho Financial Group . Nippon Kangyo Bank was founded in 1897 as a governmental institution providing long-term light industrial and agricultural loans under the Nippon Kangyo Bank Act of 1896. The Industrial Bank of Japan was also founded in 1902, providing long-term heavy industrial loans. Nippon Kangyo Bank had offices only in Tokyo and Osaka , leaving nationwide local services in

76-503: A commercial bank following the Nippon Kangyo Bank Repeal Act of 1950. The long-term banking division of Nippon Kangyo Bank was transferred to newly established Long-Term Credit Bank of Japan . The bank became popular among the public with the new rose logo, mascot named Nobara-chan (lit. Rose- chan ) and advertising slogan "Rose's NKB" ( 「ばらの勧銀」 , Bara no Kangin ) . This bank and insurance -related article

114-812: A dominant position in the country’s financial sector, thanks to Japanese Finance Ministry protection. It opened a first Korean branch in Busan in June 1878, for which the Japanese government lent it half of the 100,000 yen needed for start-up expenses. This episode has been described as the starting point both of Japanese-Korean financial relations and of modern banking in Korea. Further branches followed in Wonsan (May 1880), Incheon (November 1882), Seoul (1888), Mokpo (1898), and Chinnampo and Gunsan (1903). Tariffs were not specified in

152-582: A limited company (capital stock: ¥20 million) in 1909. By 1929, Mitsui Bank had 6 offices outside of Japan and its colonies, including in London and New York . That was more than Mitsubishi Bank and Yasuda Bank, though less than Sumitomo Bank let alone the Yokohama Specie Bank , Bank of Chōsen and Bank of Taiwan , for which foreign trade was part of a public-interest mandate under special legislation. World War II led Mitsui Bank to distance itself from

190-556: A matter of renewed debate, this time among Japanese. In August 1907, Japan's Resident-General Itō Hirobumi and Shibusawa agreed that Dai-Ichi's operations should be eventually transferred to a dedicated central bank for the territory. A debate ensued between Itō and the Japanese finance ministry, with the latter favoring the creation of a Korean branch of the Bank of Japan over that of a stand-alone colonial institution over which Tokyo would have less direct control. Eventually Itō's position won

228-636: A money changer. Mitsui Bank was established as a private company in July 1876, with capital of two million yen. It was one of the Japanese government's main banks for deposits and tax collections until the formation of the Bank of Japan in 1882. In ensuing decades, the Mitsui family took over numerous government industrial plants to form a major zaibatsu conglomerate, with the bank as one of its core businesses. Mitsui Bank reorganized as an unlimited partnership in 1893, and as

266-467: A third in March 1900. In May 1886, Dai-Ichi Bank secured funding from the newly established Bank of Japan to collect gold and silver in Korea for the benefit of Japan, which at the time still lacked sources of precious metals. Purchases of gold became an important component of Dai-Ichi Bank's Korean business, with yearly volumes fluctuating between 2,400 and 3,600 tons between 1901 and 1907. Towards

304-485: A wide geographical area. It simultaneously diversified its deposit base from an initial heavy reliance on public funds; these represented 70 percent of all deposits in late 1875, but only 20 percent a year later. The Japan–Korea Treaty of 1876 opened a period during which Japan enjoyed a near-monopoly on Korea's overseas trade, as the country's trade with Japan expanded dramatically while its trade with China collapsed. Dai-Ichi rapidly seized that opportunity and secured

342-513: Is a stub . You can help Misplaced Pages by expanding it . Dai-Ichi Bank The Dai-Ichi Bank ( Japanese : 第一銀行 , lit.   ' First Bank ' ), known from its establishment in 1873 to 1896 as Dai-Ichi Kokuritsu Bank ( lit.   ' First National Bank ' ) was a major Japanese bank headquartered in Tokyo . Founded and developed for several decades by Shibusawa Eiichi , it expanded into Korea as early as 1878, and became that country's dominant bank as well as its bank of issue in

380-501: The Bank of Chōsen , then after 1950 of the Bank of Korea . It then housed various government administrations before being repurposed in 2010 as the Incheon Open Port Museum . This Asian bank-related article is a stub . You can help Misplaced Pages by expanding it . This Japan -related article is a stub . You can help Misplaced Pages by expanding it . Teikoku Bank Mitsui Bank, Ltd. ( 三井銀行 , Mitsui Ginkō )

418-533: The Nippon Kangyo Bank act was amended so that Nippon Kangyo Bank could handle deposit accounts and offer short-term finance. In the latter of Taishō period the bank embarked on real estate investments , while Noko Banks were absorbed into Nippon Kangyo Bank one after another. The bank dramatically increased its scale of operations. During World War II , Nippon Kangyo Bank was the lead management underwriter of war bonds for Japanese government. In reality,

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456-563: The Russo-Japanese War resulted in the elimination of the last check against Japanese dominant influence in the country. In early 1903, officials in the Korean capital attempted to prohibit the use by Koreans of Dai-Ichi's banknotes, but had to rescind the order after a fortnight. In January 1905, the Korean authorities conceded unlimited circulation of Dai-Ichi banknotes in exchange for another loan, which practically designated Dai-Ichi Bank as

494-641: The Yalu River in Andong . The transfer also included the new building initially planned by Dai-Ichi Bank for itself in Seoul, then still under construction and which became the Bank of Korea's head office . Following the Japan–Korea Treaty of 1910 and full annexation, the Bank of Korea was renamed the Bank of Chōsen in 1911. It was the direct predecessor of today's Bank of Korea . Overall, Dai-Ichi Bank's actions in

532-468: The central bank of the Korean Empire. Dai-Ichi's banknote issuance expanded rapidly, from a total under 5 million years over the three years 1902–1904 to over 8 million in 1905 alone, then gradually increasing to reach nearly 12 million yen in 1909. Following the Japan–Korea Treaty of 1905 which reduced the Korean Empire to a Japanese protectorate, the dominant status of Dai-Ichi Bank in Korea became

570-517: The 1876 treaty and were only agreed upon in 1883. On that occasion Paul Georg von Möllendorff , a German adviser to the Korean royal court, negotiated a $ 24,000 loan (denominated in Mexican silver dollars ) from Dai-Ichi National Bank to finance the setup costs of the Korean Customs Service, which was collateralized with future tariff revenue. That same year, Dai-Ichi Bank received permission from

608-513: The Japanese Finance Ministry for its Korean branches to issue yen-denominated banknotes, which the ministry granted in May 1902. Meanwhile, Dai-Ichi Bank remained the dominant financier of the Korean government, despite Emperor Gojong 's attempt to foster an alternative system with the foundation of Daehan Cheon-il Bank in early 1899. In the autumn of 1900, difficult loan negotiations with

646-501: The Japanese government that its bills be used to pay for customs duties in Korea's open ports. In February 1884, Dai-ichi Bank and von Möllendorff agreed that the bank's branches would collect all local customs duties on behalf of the Joseon dynasty government. Dai-Ichi Bank's $ 24,000 loan to the Korean government was disbursed simultaneously; it was followed by a second loan in January 1895 and

684-509: The Korean government became acutely dependent on Japanese actions. . In mid-1898, Shibusawa traveled to Korea to negotiate the revocation of an earlier prohibition by the newly proclaimed Korean Empire of using stamped silver yen coins that had become important for the bank's business. At the turn of the century, Dai-Ichi Bank started to issue sight bills to facilitate its collection of customs duties, and in October 1901 applied for permission from

722-448: The Korean government required another trip to Korea by Shibusawa; Dai-Ichi Bank made more loans to the Korean Empire in the early 1900s. In total, the share of Korea in the bank's total loan book rose from 2 percent in 1879 to over 15 percent by in 1905, and its share of Dai-Ichi Bank's total profits reached 29 percent in 1905. Attempts by the embattled Korean state to resist Dai-Ichi's monetary role in Korea proved futile, and crumbled as

760-619: The Ministry of Finance where he had drafter the National Banking Decree of December 1872 under the leadership of minister Ōkubo Toshimichi . In 1873, with the decree's entry into force allowing the licensing of privately owned banks of issue , Shibusawa reorganized the venture and obtained from the government a license to operate it as the first of all Japan's national banks , thus its original name Tokyo Dai-Ichi Kokuritsu Ginkō ( lit.   ' First National Bank of Tokyo ' ) It

798-580: The Mitsui zaibatsu beginning around 1937, as the bank's large balance of loans to munitions manufacturers made it vulnerable to failure should a recession occur after the war. The solution found by Mitsui's chairman was to merge the bank with the Dai-Ichi Bank , creating a much larger institution outside the Mitsui family's control. In April 1943, Mitsui Bank merged with Dai-Ichi to form Teikoku Bank. Teikoku almost immediately found itself short of funds, and for

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836-473: The Mitsui name in 1954. In 1971, it merged with Nippon Kangyo Bank to form the Dai-Ichi Kangyo Bank , subsequently Japan's largest bank and a predecessor to Mizuho Financial Group . In 1872, the Mitsui and Ōno merchant families created the Mitsui-Ōno Joint Bank as a joint venture between their respective financial operations. To manage it, they hired Shibusawa Eiichi, until then an official at

874-563: The Taiwanese precedent. Dai-Ichi Bank kept branches in Seoul and Busan but later in 1909 transferred all its other Korean branches and offices to the Bank of Korea, totalling 220 regular employees and 121 support staff, in Chinnampo, Gunsan, Incheon, Mokpo and Wonsan (see above) plus those established in the meantime in Daegu , Hamhung , Kaesong , Kyongsong , Masan , Pyongyang , Songjin , and across

912-751: The Tokyo and Osaka stock exchanges in May 1949 and changed its name back to Mitsui Bank in January 1954. Mitsui Bank merged with Toto Bank in April 1968. Around 1960, Mitsui Bank and its general trading company partner Mitsui & Co. formed a horizontal keiretsu alliance between other companies descended from the Mitsui conglomerate, including Toyota , Toshiba , Toyo Menka Kaisha , Ishikawajima-Harima Heavy Industries , Showa Aircraft and Oji Paper . Mitsui established The Mitsui Bank of California in Los Angeles in 1974, and acquired Manufacturers Bank in 1981, merging

950-541: The charge of its subsidiaries known as Noko Bank (lit. Agricultural and Industrial Bank). A Noko Bank was established in each of the prefectures of Japan , except for Hokkaidō where a similar role was played by Hokkaido Takushoku Bank . In order to provide long-term loans, the bank's source of funds was not deposits but securities . The bank was also authorized to issue premium-bearing debentures . The bank financed, however, landlords and partnerships, and there were little money to go around individual farmers. In 1911

988-446: The debate, and the finance ministry rationalized the decision as preferable to preserve financial stability. The new institution, originally named the Bank of Korea ( Japanese : 韓國銀行 , romanized :  Kankoku Ginkō , Korean : 한국은행 , romanized :  Hanguk Eunhaeng ), was created by Japanese law of July 1909, largely modelled on the Bank of Taiwan (est. 1898) but with a greater role for Itō in its governance than in

1026-437: The early 1900s, before handing over that role to the newly established Bank of Chōsen in 1909. It remained one of the main Japanese banks together with Mitsubishi Bank , Mitsui Bank , Sumitomo Bank , and Yasuda / Fuji Bank . In 1943, Dai-Ichi Bank merged with Mitsui Bank to form Teikoku Bank ( Japanese : 帝国銀行 , lit.   ' Imperial Bank ' ). In 1948, Dai-Ichi Bank was spun off again from Teikoku, which retook

1064-475: The end of the 19th century, Dai-Ichi Bank's near-monopoly on banking activities in Korea had been eroded by the belated entry of other Japanese banks, such as the Eighteenth Bank from 1890 onwards, and also by the gradual appearance of homegrown Korean banks such as Hanseong Bank , established in 1897. Instead, Dai-Ichi Bank played an increasingly central role in the reform of Korea's monetary system, for which

1102-553: The new Dai-Ichi Bank and the new Teikoku Bank in 1948. Dai-Ichi grew dynamically in Japan's rapid postwar economic expansion, and eventually merged in 1971 with Nippon Kangyo Bank to form Dai-Ichi Kangyo Bank . Dai-Ichi Bank's first Korean branch was opened in 1878 in Chemulpo (now Incheon ). A proper branch building was erected there from 1887 to 1899, and after 1909 became the Incheon of

1140-480: The remainder of the war, mainly provided short-term financing, with long-term financing for its munitions manufacturing customers mostly provided by the Industrial Bank of Japan . Dai-Ichi and Mitsui had very different corporate cultures which led to friction between the two; the two banks never completely integrated, and in October 1948, Dai-Ichi Bank separated from Teikoku Bank. Teikoku Bank listed its shares on

1178-475: The three decades following its first Busan establishment in 1878 have led to its depiction as the "primary agent of Japanese financial imperialism" in Korea. In Japan, Dai-Ichi and all other national banks were stripped of their banknote issuance privilege in 1883, shortly after the establishment of the Bank of Japan. In 1943, Dai-ichi Bank and Mitsui Bank , a Mitsui zaibatsu company, merged to form Teikoku Bank (lit. Imperial Bank of Japan). Teikoku Bank

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1216-449: The two later that year to form Mitsui Manufacturers Bank (renamed Manufacturers Bank in 1992). Mitsui Bank agreed to merge with Taiyo Kobe Bank in 1989. At the time (in the midst of the Japanese asset price bubble ), the merger was to create the second largest bank in the world behind Dai-Ichi Kangyo Bank . While TKB had a strong base of individual and small business customers, Mitsui had

1254-560: The war bond by Nippon Kangyo Bank was a lottery rather than a bond. Today's Japanese lottery ( takarakuji ) has its origin in this war bond. Following World War II the Nippon Kangyo Bank, like the Industrial Bank of Japan , lost its earlier status as semi-public bank by being privatized in 1950, following a recommendation from Supreme Commander of the Allied Powers General Douglas MacArthur . It thus became

1292-400: Was a major Japanese bank from 1876 to 1990. The home bank of the Mitsui conglomerate, it was one of the largest Japanese banks for much of the 20th century, together with Dai-Ichi Bank , Mitsubishi Bank , Sumitomo Bank , and Yasuda / Fuji Bank . In 1943 it merged with Dai-Ichi Bank to form Teikoku Bank ( Japanese : 帝国銀行 , lit.   ' Imperial Bank ' ). In 1948, Dai-Ichi Bank

1330-437: Was also the country's first joint-stock company or kabushiki gaisha . Dai-Ichi National Bank issued 753,195 yen in its own banknotes in 1873, and its banknote circulation peaked at over 1 million yen by mid-1874. After that, it struggled to maintain its notes in circulation because many of them were redeemed in specie . In 1875, the Ōno family was bankrupted. Mitsui Hachirōemon became the bank's dominant shareholder, but he

1368-496: Was spun off again from Teikoku, which changed its name back to Mitsui Bank in 1954. In 1990, Mitsui Bank merged with Taiyo Kobe Bank to form Mitsui Taiyo Kobe Bank (MTKB), which was renamed Sakura Bank in April 1992 and was a predecessor entity of Sumitomo Mitsui Banking Corporation (SMBC). The Mitsui family began banking operations in 1683, when the Tokugawa Shogunate granted Mitsui Takatoshi permission to act as

1406-464: Was the largest bank in Japan in terms of assets when it was inaugurated. Teikoku Bank, however, could not expand its business freely due to Japan's involvement in World War II . Furthermore, former Dai-ichi employees and Mitsui employees did not get along well because of the difference in corporate culture between them. As a result of deteriorating performance, Teikoku Bank was divided into two banks,

1444-604: Was unwilling to use it as a vehicle for his business strategy and was further annoyed by the forced transfer of his firm's iconic building to the Dai-Ichi Bank at the instigation of the Japanese government. By end-1876, the bank was still majority-owned by the Mitsui family but it was increasingly taking an independent course under the leadership of Shibusawa who had meanwhile built up a significant minority stake. Unlike most of Japan's early joint-stock banks who were fiercely local, Dai-Ichi also managed to attract equity investors from

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