Financial holding company

A holding company that has banks, trust banks, securities companies, insurance companies, leasing companies, venture capital companies, etc. under its umbrella. In Japan, the establishment of financial holding companies was prohibited after World War II, but the ban was lifted in 1998 (Heisei 10) in order to strengthen the structure of domestic financial institutions and increase their international competitiveness. In addition to promoting restructuring across the boundaries of industries such as banking, securities, and insurance, it has the advantage of being able to thoroughly manage the profitability of each affiliated institution and improve management efficiency. The majority of financial institutions in Europe and the United States are holding companies.

After World War II, the General Headquarters of the Supreme Commander for the Allied Powers (GHQ) dissolved the zaibatsu because they had "become the economic foundation for waging a war of aggression." Since then, the establishment of holding companies, including financial holding companies, has been prohibited in Japan by the Antimonopoly Act, as it could lead to oligopoly.

However, after the collapse of the bubble economy, the revised Antimonopoly Act and the Financial Holding Company Related Act were enacted in 1997 as part of the Great Financial Reform (Japan's version of the Financial Big Bang) to encourage healthy competition and restructuring in the financial industry, which had been protected by the government's convoy system (an overprotective system that maintained the stability of the financial system through various regulations). The establishment of financial holding companies became possible in March 1998. Most of the major financial institutions, including Mizuho Financial Group, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Resona Holdings, Nomura Holdings, and Daiwa Securities Group Inc., transitioned to holding companies. Recently, financial institutions have also begun to become holding companies in China and other countries.

[Takeshi Yano]

"Financial Holding Company Research Group, ed., 'Financial Holding Companies in Japan' (2001, Japan Securities Research Institute)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

銀行、信託銀行、証券会社、保険会社、リース会社、ベンチャー・キャピタルなどを傘下に置く持株会社。日本では第二次世界大戦以後、金融持株会社の設立は禁じられていたが、国内金融機関の体質を強化し、国際競争力を高める目的で1998年（平成10）に解禁された。銀行、証券、保険など業種の垣根を越えた再編を促す効果があるほか、傘下各機関の採算管理を徹底し経営を効率化できる利点がある。欧米の金融機関の大半は持株会社となっている。

　第二次世界大戦後、「侵略戦争遂行の経済的基盤になった」との理由で、連合国最高司令官総司令部（GHQ）は財閥を解体。以来、日本では金融持株会社を含む持株会社の設立は、寡占を生みかねないとして独占禁止法で禁じられてきた。

　しかしバブル経済崩壊後、政府の護送船団方式（各種規制によって金融システムの安定性を維持する過保護体制）で守られてきた金融業界に健全な競争と再編を促すため、金融大改革（日本版金融ビッグバン）の一環として1997年に改正独占禁止法と金融持株会社関連法が成立。1998年3月から金融持株会社の設立が可能になった。みずほフィナンシャルグループ、三菱UFJフィナンシャル・グループ、三井住友フィナンシャルグループ、りそなホールディングス、野村ホールディングス、大和証券グループ本社など大手金融機関のほとんどが持株会社へ移行した。最近では、中国などでも金融機関の持株会社化が始まっている。

［矢野　武］

『金融持株会社研究会編『日本の金融持株会社』（2001・日本証券経済研究所）』

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