Three banks based in central Japan are teaming up to combat the enduring challenge of a dwindling population that’s threatening their long-term viability.
The lenders will cooperate in areas such as venture financing in order to draw outside talent and funding into the region, Shizuoka Bank, Hachijuni Bank and Yamanashi Chuo Bank said in a joint statement on Thursday. The alliance will try to boost the population in the region, so as to address issues like labor shortages, according to Shizuoka Bank’s president Minoru Yagi at a briefing.
The banks are based in three neighboring prefectures in central Japan. Hachijuni is located in Nagano Prefecture, whose snowy mountains make it a winter sport center — it hosted the Olympics in 1998. Shizuoka is a core unit of Shizuoka Financial Group, and the prefecture it’s named after is famous for its tea, seafood and the hot springs-filled Izu Peninsula. Yamanashi Prefecture, home of the third lender, is a mountainous area that’s a major producer of grapes and wine.
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