The end of former Morgan Stanley banker Thierry Porte’s term as head of Shinsei, one of Japan’s rescued banks, and the management shake-ups at Shinsei’s peer, Aozora, have attracted a lot of attention in Japan.
When a consortium including Ripplewood and Christopher Flowers bought Shinsei in 2000, it was the first time that a Japanese bank had come under foreign control. As the bank began to articulate its strategy, focusing on a strong web presence, customer service and technological innovation, it looked as though the bank would stand as a model of what aggressive foreign management could do for struggling Japanese corporations.
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