Collateral buyer Cooperative Credit Purchasing Co. said Tuesday it plans to name Jiro Nishibori, president of Sakura Finance Service Co., as its new president to succeed Takeshi Kobayashi, who will retire March 29.
Executives with CCPC will officially adopt the nomination at a meeting following a shareholders' meeting the same day, the private entity said.
Set up in 1993 by 166 Japanese financial institutions, CCPC is charged with buying mortgage-backed assets to help accelerate the disposal of their nonperforming assets, which expanded after the collapse of the asset-inflated bubble economy in the late 1980s.
Nishibori, 57, has been president of the Sakura Bank affiliate since June 1999.