Jul. 13--TOKYO -- The Cabinet Office said Monday it has nominated Hiroshige Nishizawa, former head of Tokyo Tomin Bank, for president of a new government organization designed to turn around smaller companies in regional areas.

The new entity, expected to be launched in September, will be a local version of the former state-backed Industrial Revitalization Corp. of Japan, which was in operation between 2003 and 2007, and assisted in turning around cash-strapped corporations, mainly large ones.

Nishizawa, a graduate of Kyoto University, became president of Tokyo Tomin Bank in 1997 after serving as a board member of the Industrial Bank of Japan, which later merged into Mizuho Financial Group Inc.

After stepping down as president in 2004, Nishizawa, 72, became chairman of Tokyo Tomin Bank. He became an adviser to the lender in June.

Tokyo Tomin Bank was established in 1951 to offer financing for small and midsize companies in the Tokyo area.

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