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Japanese regional financial giant tosses ex-government officials

'Coup d'etat' at Concordia gives group more freedom in tough economic climate

Concordia Financial Group underwent a fierce internal struggle to oust two former members of the Ministry of Finance from its board.

TOKYO -- Management at Concordia Financial Group, Japan's biggest regional banking conglomerate, will no longer be controlled by retirees from the Ministry of Finance -- for the first time in nearly seven decades for subsidiary Bank of Yokohama.

The move spells the end to the group's practice of retired bureaucrats landing cushy jobs at the entities they once oversaw. It also addresses the increasingly tough times that banks are facing under the Bank of Japan's negative interest rate policy.

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