is a Japanese regional
bank that is based out of
Morioka, the capital of
Iwate prefecture
is a prefecture of Japan located in the Tōhoku region of Honshu. It is the second-largest Japanese prefecture at , with a population of 1,210,534 (as of October 1, 2020). Iwate Prefecture borders Aomori Prefecture to the north, Akita Prefectur ...
in the
Tohoku region. The Morioka branch building, the site of the old ''Morioka Bank'', is a
historic landmark in the prefecture. The bank has branches in
Sendai
is the capital Cities of Japan, city of Miyagi Prefecture, the largest city in the Tōhoku region. , the city had a population of 1,091,407 in 525,828 households, and is one of Japan's 20 Cities designated by government ordinance of Japan, desig ...
and
Hachinohe; unfavorable business conditions forced the bank to close a branch in
Sapporo.
History
The bank was created from capital from Iwate prefecture in the wake of a 1932 banking crisis that affected other regional banks, including the ''Morioka Bank''. Originally established as the ''Iwate Shokusan Bank'', the bank changed its name to its current form in 1960.
During the
bubble economy era of the late 1980s, the Bank of Iwate was known for its sound lending practices, and as a result, was relatively stable during the period following the collapse of the bubble. While the bank has dropped in its rankings in recent years, it is said to maintain high standards. The bank has recently diversified, offering
insurance and
securities services for customers.
Financial issues
The Bank of Iwate faces competition from national banks that are continuing to expand business services in Morioka, including the
Bank of Tokyo-Mitsubishi
is the largest bank in Japan. It was established on January 1, 2006, following the merger of the Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Ltd. MUFG is one of the three so-called Japanese "megabanks" (along with SMBC and Mizuho). As such, ...
, and the
Sumitomo Mitsui Banking Corporation
is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and ser ...
. One long-term issue that will face Japan's regional banks will be the level of competition from
Japan Post, the Japanese postal system which is also the world's largest savings institution, by assets, when it is privatized in 2007.
External links
*
Official site*
*
Google Finance*
* Wiki collection of bibliographic works on Bank of Iwate
Regional banks of Japan
Companies based in Iwate Prefecture
Morioka, Iwate
Companies listed on the Tokyo Stock Exchange
Banks established in 1932
1932 establishments in Japan
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