• Kyodo

  • SHARE

Resona Holdings Inc.’s progress in repaying public money since it was nationalized in 2003 has lifted the confidence of customers and the employees in the banking group, according to its chairman.

“With the goal in sight, the morale of our employees is high and our customers’ confidence and trust in us are growing,” Eiji Hosoya said in a recent interview.

In fiscal 2010, which ended March 31, Resona paid back ¥1.2 trillion by repurchasing preferred shares held by the government.

Of the ¥3.1 trillion in capital injected by the government, Resona still has ¥871.6 billion to return.

Resona has seen its share price drop nearly 30 percent since it announced a ¥545 billion fundraising plan in January to help it repay the debt, but “we want to attract investors as a bank that has more room for growth,” Hosoya said.

He said the group is well positioned in the industry with its focus on retail banking in urban areas.

Hosoya, who has led the Resona group since June 2003, said the management team is capable of steering the bank without him once its operations recover from the March 11 earthquake and tsunami, but the 66-year-old chairman didn’t elaborate on how long he intends to stay on as the group’s chief.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)