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Japanese regional bank
The 77 Bank, Ltd.
(
株式?社七十七銀行
,
Kabushiki-gaisha Shichij?shichi Gink?
)
(
TYO
:
8341
) is a Japanese regional bank headquartered in
Sendai
,
Miyagi Prefecture
. As the designated financial institution of the prefecture, the city, and many other cities and towns throughout the prefecture, it performs duties such as holding deposits for public money and handling payments. It is also the biggest regional bank in the
T?hoku region
.
The 77 Bank is unique among other T?hoku region banks in operating branches in
Nagoya
and
Osaka
. It also runs a representative office in
Shanghai
. Following criticism for lagging behind in the establishment of a cooperative
ATM
network, the bank is scheduled to enter into an agreement with two other
convenience store
operators within the prefecture in March, 2006.
Profile
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As of March 31, 2014:
- Assets: Approximately 8.234 trillion yen
- Employees: 2,734
- Branches: 141
- President: Hiroshi Kamata (Chairman),
Teruhiko Ujiie (President)
- Member: Regional Banks Association of Japan
History
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The 77 Bank traces its origins to an 1872 law allowing for the establishment of banks in Japan. Having received approval from the
Ministry of Finance
in February, 1872,
The 77th National Bank
was established in September in
Miyagi prefecture
, an area with very limited banking services at the time. The famous industrialist of the time and president of the First National Bank,
Shibusawa Eiichi
, took an interest in the development of the Tohoku region; he supported the fledgling bank through advice, provision of some of his own funds, and the supply of personnel from The First National Bank when The 77th National Bank was founded.
The 77th National Bank changed its name to
The 77 Bank, Ltd.
in 1932, when it merged with the Tohoku Jitsugyo Bank and the Gojo Bank.
Although The 77 Bank closed representative offices and branches in
London
and
New York City
after the collapse of the bubble economy in the 1990s, it opened a representative office in
Shanghai
in July, 2005.
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