Sozaburo Chigira
Profile
Performance in office
Tenure
Tenure
Background
He joined the banking department of Mitsubishi Goshi Kaisha in April 1913 and, after 35 years inside the bank, became Chairman in 1947 and President in 1948. In October 1948, when he became President, Mitsubishi Bank was barred from using the Mitsubishi name under the dissolution of the zaibatsu and was renamed Chiyoda Bank. From his appointment until the name was restored in 1953, he was President of Chiyoda Bank.
Selection
He became President in 1948 at Mitsubishi Bank, right after it had completed the final stage of its reconstruction. Most of its wartime loans to designated munitions companies had become uncollectible when government guarantees were cut off, wiping out 99% of its capital. In March that year, under the Financial Institutions Reconstruction and Reorganization Act, it wrote off 93% of its ¥135 million capital, and in October it raised capital to ¥1.1 billion and made a fresh start, with deposits of ¥33.2 billion and 161 branches. Through the capital increase, its shares were dispersed among depositors, employees and regional residents.
Initiatives
In May 1949 Mitsubishi Bank listed its shares on the Tokyo and Osaka stock exchanges. In April 1950 it concluded correspondent agreements with American banks and others, and in October 1952 opened a New York branch, returning to overseas business. The branch's first postwar manager was Toshio Nakamura, who had worked at the London branch before the war. By the end of March 1953 deposits reached ¥159.7 billion and loans ¥140.2 billion, and in April that year capital was raised to ¥2.75 billion, making it the largest commercial bank in Japan.
Career
Career
Mitsubishi Bank
| Date | Position |
|---|---|
| Apr 1913 | Joined |
| 1947 | Chairman |
Chiyoda Bank
| Date | Position |
|---|---|
| 1948 | President |
| 1953 | 三菱銀行に商号復帰 (translation pending) |
| Nov 1954 | Stepped down as President |
| Nov 1954 | Stepped down as President |