Dai-Ichi Bank

The Dai-Ichi Bank (Japanese: 第一銀行, lit. 'First Bank'), known from its establishment in 1873 to 1896 as Dai-Ichi Kokuritsu Bank (lit. 'First National Bank') was a major Japanese bank headquartered in Tokyo. Founded by Shibusawa Eiichi, it expanded into Korea as early as 1878, and became that country's dominant bank as well as its bank of issue in the early 1900s, before handing over that role to the newly established Bank of Chōsen in 1909. It remained one of the main Japanese banks together with Mitsubishi Bank, Mitsui Bank, Sumitomo Bank, and Yasuda / Fuji Bank.^[2]

In 1943, Dai-Ichi Bank merged with Mitsui Bank to form Teikoku Bank (Japanese: 帝国銀行, lit. 'Imperial Bank'). In 1948, Dai-Ichi Bank was spun off again from Teikoku.^[3] In 1971, it merged with Nippon Kangyo Bank to form the Dai-Ichi Kangyo Bank, subsequently Japan's largest bank and a predecessor to Mizuho Financial Group.

Beginnings

Dai-Ichi Kokuritsu Bank was established by industrialist Shibusawa Eiichi in 1873. It was the first national bank established in Japan, and also the country's first joint-stock company or kabushiki gaisha.^[4]

It was originally empowered to issue banknotes, until the Bank of Japan assumed this function in 1883. Subsequently, it became a purely commercial bank based in Tokyo.

Expansion in Korea

In 1884, Dai-ichi Bank made a deal with the Joseon dynasty to make Dai-ichi Bank Korea Branch the monopoly agent of tariff management for the Choson. In subsequent years, Dai-ichi began issuing banknotes called "Dai-ichi Bank Token" in Korea, and became the de facto central bank of Korea. Following the Japan-Korea Protectorate Treaty of 1904, however, Dai-ichi was deprived of its privileges in Korea by the new colonial government, and reverted to being a conventional bank.

Interwar period

Yasuda Bank's activity remained centered on Japan and its colonies. By 1929, it had no offices abroad, in contrast to its commercial banking peers Mitsubishi Bank, Mitsui Bank and Sumitomo Bank, let alone the Yokohama Specie Bank, Bank of Chōsen and Bank of Taiwan for which foreign trade was part of a public-interest mandate under special legislation.^[5]^: 3

World War II and aftermath

In 1943, Dai-ichi Bank and Mitsui Bank, a Mitsui zaibatsu company, merged to form Teikoku Bank (lit. Imperial Bank of Japan). Teikoku Bank was the largest bank in Japan in terms of assets when it was inaugurated. Teikoku Bank, however, could not expand its business freely due to Japan's involvement in World War II. Furthermore, former Dai-ichi employees and Mitsui employees did not get along well because of the difference in corporate culture between them. As a result of deteriorating performance, Teikoku Bank was divided into two banks, the new Dai-Ichi Bank and the new Teikoku Bank in 1948.

Branches

Dai-Ichi Bank's first Korean branch was opened in 1878 in Chemulpo (now Incheon). A proper branch building was erected there from 1887 to 1899, and after 1909 became the Incheon of the Bank of Chōsen, then after 1950 of the Bank of Korea. It then housed various government administrations before being repurposed in 2010 as the Incheon Open Port Museum.^[6]

Former branch in Hakodate, built in 1921, lately the Hakodate City Museum of Literature
Former branch in Kobe, partly reconstructed following the Great Hanshin earthquake
Former branch in Kumamoto, built in 1919
Branch in Kyoto, still in use by Mizuho Bank
Former branch in Marutamachi, Kyoto, built 1927 and lately in use by the Kyoto Chuo Shinkin Bank
Branch in Nishijin, Kyoto, built 1936 and still in use by Mizuho Bank
Branch building in Osaka, built in 1926, later demolished
Former branch in Otaru, Hokkaido
Former branch in Fukaya, Saitama, built in 1916
Former branch in Yokohama, built 1929, lately part of the Yokohama Island Tower complex
Former branch in Incheon, built in 1899, now Open Port Museum
Former branch in Busan, kept by Dai-Ichi Bank after 1909 and until 1945, later demolished