Norinchukin banks on Sydney as home
Media release | 22 September 2017
One of Japan’s largest banks has set up shop in Sydney, cementing the city’s reputation as a leading global financial centre.
Minister for Trade and Industry, Niall Blair, met with Mr Yoshio Kono, President and Chief Executive Officer of the Norinchukin bank, who is visiting for the official opening of the bank’s Sydney office.
“NSW is one of the most attractive finance and investment destinations in the Asia-Pacific,” Mr Blair said.
“We are the engine room of Australia’s economy and responsible for almost a third of Australia’s GDP – Norinchukin is banking on NSW at an opportune time.
“Norinchukin has been a leader in in providing financial services to agriculture, fisheries and forestry in Japan, and I’m excited about this expertise finding a permanent home in NSW.
“Facilitating investment in agribusiness is a top priority for me and this Government.”
Norinchukin joins a long list of 43 other international financial institutions calling NSW home.
Norinchukin President and Chief Executive Officer Yoshio Kono said the company was looking forward to progressing global investment opportunities in NSW.
“We are very pleased to establish our Australian subsidiary in Sydney. We see a wealth of project finance opportunities in NSW and Australia.
“We look forward to expanding the finance activities of our new Australian subsidiary and hope this investment contributes to NSW and the broader Australian economy.”
The Norinchukin bank was jointly established in 1923 by the Japanese Government and a major Japanese agricultural co-operative.
It is one of the largest financial institutions in Japan with total assets of ¥102,160.4 billion (A$1,239.3 billion) and over 3,650 employees in Japan and overseas.
It specialises in Japanese agriculture, fisheries and forestry industries and serves over 5,612 co-operatives from its headquarters in Tokyo.
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