• Bloomberg


Norinchukin Bank said Friday it will raise ¥1.9 trillion and replace its chief executive officer, following the largest losses on asset-backed securities of any Asian lender.

Deputy President Yoshio Kono will replace CEO Hirofumi Ueno effective April 1, the company said in a statement. Norinchukin, owned by more than 4,000 shareholders including farm, fishing and forestry cooperatives, will raise the funds from its members by the end of March.

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