Orix Corp., the country’s leading leasing firm, announced Tuesday the completion of its takeover of Yamaichi Trust & Bank, Ltd., a subsidiary of the failed Yamaichi Securities Co.
The deal enables the Orix group to expand its financial services by entering the banking and trust business. Personnel from the group replaced all directors of the trust bank earlier in the day. Toru Yamagishi, a former senior executive of Orix, took over as president.
The bank, to be renamed Orix Trust & Banking Corp. this summer, will not dismiss any of its approximately 50 employees and may actually increase its staff as operations expand, Yamagishi told a Tokyo news conference.
The new trust bank will first concentrate its resources to consolidate its management foundation, which has been undermined by the collapse last November of Yamaichi Securities, he said. The bank will then try to find areas of business it can excel in to become a unique institution, he added.
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