Financial Insights That Matter
TOKYO — Japanese agricultural lender Norinchukin Bank’s President and CEO Kazuto Oku will step down to take responsibility for the bank’s huge loss in the fiscal year ending March.
Oku, 65 years old, will resign at the end of March, with Managing Executive Officer Taro Kitabayashi, 54, taking over the top spot. Norinchukin Bank’s heavy emphasis on foreign bond operations has backfired, and it cannot avoid a huge loss for the fiscal year ending March.