Hayato Ikeda
Hayato Ikeda, then Minister of Finance, led the initiative to create LTCB as a specialty bank for the purpose of providing long-term credit to Japanese companies. Commercial banks at the time faced a mismatch between their own funding sources, which were mainly short-term demand deposits, and the needs of their customers for longer-term credit. LTCB was permitted to issue long-term bonds to fund its operations, which became popular investments in Japan due to their yield, credit rating and the fact that they were bearer bonds and therefore transferable like cash. The company moved to the Tokyo Building in Marunouchi in 1956 and established its first overseas office in New York City in 1964, followed by offices in London, Sydney, Amsterdam, Los Angeles, and other major financial centers.