Question 1

What is The 77 Bank?

Accepted Answer

The 77 Bank is the largest regional bank in the Tohoku region of Japan, headquartered in Sendai, Miyagi Prefecture. As the designated financial institution for Miyagi Prefecture, Sendai City, and many other municipalities throughout the prefecture, the bank performs essential duties including holding deposits for public money and handling government payments.

With total assets of approximately 8.2 trillion yen and 141 branches as of March 2014, The 77 Bank maintains a commanding presence in the Tohoku region. The bank is listed on the Tokyo Stock Exchange and serves as a comprehensive financial institution for individuals, small and medium-sized enterprises, and large corporations.

Question 2

When was The 77 Bank founded?

Accepted Answer

The 77 Bank traces its origins to an 1872 law allowing for the establishment of national banks in Japan. Having received approval from the Ministry of Finance in February 1878, The 77th National Bank was established on December 9, 1878, in Miyagi Prefecture, an area with very limited banking services at the time.

The famous industrialist Shibusawa Eiichi, president of the First National Bank, took a strong interest in developing the Tohoku region and supported the fledgling bank through advice, provision of funds, and personnel from The First National Bank. The 77th National Bank changed its name to The 77 Bank, Ltd. in March 1898 when it converted to a private bank.

In January 1932, the current The 77 Bank, Ltd. was established through the merger of The 77 Bank, Tohoku Jitsugyo Bank, and Gojo Bank, creating a stronger regional financial institution.

Question 3

Where is The 77 Bank headquartered?

Accepted Answer

The 77 Bank is headquartered at Sendai Chuo 3-chome, Sendai City, Miyagi Prefecture, Japan. The bank relocated to its current head office building in September 1977. Sendai, as the largest city in the Tohoku region and the capital of Miyagi Prefecture, serves as an ideal location for the bank to coordinate its regional operations.

The bank's headquarters have relocated several times throughout its history, moving from various locations in downtown Sendai to the current modern facility that reflects the bank's growth and evolution.

Question 4

Where does The 77 Bank operate?

Accepted Answer

The 77 Bank operates 141 branches throughout the Tohoku region, with the strongest concentration in Miyagi Prefecture. The bank maintains a strategic presence beyond its home prefecture, operating branches in major cities including Tokyo, Nagoya, and Osaka, making it unique among Tohoku regional banks.

The bank opened the Tokyo Branch in July 1882, demonstrating early expansion to Japan's capital. More recently, the bank established corporate sales offices in Aomori (November 2006) and Hachinohe (September 2016) to expand its business support capabilities.

Internationally, the bank operates a representative office in Shanghai (opened July 2005) and Singapore (opened May 2016) to support customers' overseas business activities. The bank previously maintained offices in London and New York during the 1980s-1990s but closed them following the bubble economy collapse.

Question 5

What services does The 77 Bank offer?

Accepted Answer

The 77 Bank provides comprehensive banking services including various deposit products (ordinary deposits, savings deposits, time deposits, and foreign currency deposits), lending services (housing loans, consumer loans, and corporate financing), and investment products (investment trusts, bonds, and insurance).

The bank offers specialized corporate services including trade finance, business succession support, M&A advisory, startup financing, and management improvement consultation. For individuals, the bank provides wealth management, pension services, and estate planning.

Digital services include internet banking and mobile banking applications. The bank participates in the MEJAR system, a common-use banking system that began operations in January 2016. ATM services are available through the bank's network and partnerships with convenience store operators.

The bank emphasizes region-based relationship banking and established the 77 Business Support Foundation in April 1998 to contribute to the development of industry and economy in Miyagi Prefecture.

Question 6

What makes The 77 Bank unique?

Accepted Answer

The 77 Bank's deep historical connection to Shibusawa Eiichi, known as "the father of Japanese capitalism," distinguishes it among Japanese regional banks. Shibusawa provided not only investment and strategic advice but also exceptional personnel, and The 77 Bank became the only regional bank designated to serve as a stock exchange settlement bank, a recommendation from Shibusawa himself.

The bank's name derives from being the 77th national bank established in Japan, a numerical designation it has proudly maintained for over 140 years. Its position as the largest regional bank in the Tohoku region reflects sustained growth and community trust.

The bank demonstrated remarkable resilience following the 2011 Tohoku earthquake and tsunami, which caused catastrophic damage including the loss of approximately 13 employees from the Onagawa branch. The bank played a crucial role in regional reconstruction and recovery.

Question 7

What type of financial institution is The 77 Bank?

Accepted Answer

The 77 Bank is a regional bank (地方銀行, chihō ginkō), a category of Japanese commercial banks that serve specific geographic regions. As a member of the Regional Banks Association of Japan, The 77 Bank operates as a comprehensive financial institution under the Banking Act of Japan.

Regional banks in Japan are characterized by their focus on serving local communities, municipalities, and small to medium-sized enterprises within their designated territories. The 77 Bank, as the designated financial institution for Miyagi Prefecture and numerous municipalities, fulfills essential public banking functions while providing commercial banking services.

The bank operates under the supervision of the Financial Services Agency and is listed on the Tokyo Stock Exchange, reflecting its significance as a publicly traded regional financial institution.

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About The 77 Bank in Japan