Having experienced a record loss on overseas investments and loans to Lehman Brothers Holdings Inc., an executive of Shinsei Bank Ltd. said the nation's seventh-largest bank will now focus on corporate and individual customers at home instead of proprietary investments abroad.
"Given the lessons that we learned from the global financial turmoil, we have acted proactively and swiftly in remodeling Shinsei Bank," Rahul Gupta, senior managing executive officer and chief financial officer at the Tokyo-based bank, told The Japan Times during a recent interview.
Last business year, Shinsei logged a consolidated net loss of ¥143 billion for the year, compared with a net profit of ¥60.1 billion the year before.