In October 1998 Sumitomo exited from U.S. retail banking when it sold Sumitomo Bank of California to Zions Bancorp. Furthermore, new disclosure rules forced Japanese banks to write off more bad loans. Despite a second shock created by the OPEC oil embargo of 1974, the bank remained fairly stable, owing to conservative management and successful risk minimization. The Mitsui Bank continued to bring itself closer to the public by marketing financial products specifically for private savers. Despite the creation of separate Sumitomo corporations--Sumitomo Machinery Works, Sumitomo Fertilizer Works, Sumitomo Mining, and so on--the Sumitomo group remained a closely knit conglomerate called a zaibatsu (literally, a "money clique") whose constituent companies owned collective majorities of shares in each other. The partner bank eventually settled upon was the Heiwa Sogo Bank, an institution with about 100 branches that operated until 7:00 p.m.--four hours later than other banks. SMBC is committed to working towards our goal of "Accelerating our Asia-centric Strategy". Mitsui at this time became a focal point for criticism by a right wing military faction that believed the zaibatsu should be destroyed because they had become too powerful.
to the original objective to support Cambodian micro, small and medium entrepreneurs and to maintain Cambodian nationality of ACLEDA Bank Plc. The discovery by a family member of a new method for copper smelting led the company into the expanding and highly profitable copper trade. Among the several incidents involving Sumitomo Bank was the September 1994 murder of the director of the bank's Nagoya branch. The following year, Teikoku absorbed the Jugo Bank, at the time about one-tenth the size of Teikoku.
During 1992, pretax profits fell by 31.5 percent over the previous year, signaling rough times ahead. Credit Ratings, Research and Analysis for the global capital markets. Flush with money from Sumitomo's copper operation, Iba set up a banking division in 1895 called the Sumitomo Bank. He introduced foreign exchange services, secured special trading rights for Mitsui in China, and even proposed purchasing Manchuria in 1911. Mitsui's dry goods business, meanwhile, declined steadily due to poor management.
Also in 1996 the bank opened a representative office in Shenyang, China, becoming the first Japanese bank to open an office in China. It proved otherwise, and became a costly problem for Toyo Kogyo, especially in combination with the 1973-74 oil crisis. ORIX Corporation (TSE: 8591; NYSE: IX) provides financial services, makes investments and operates business in six segments, which consist of corporate financial services, maintenance leasing, real estate, investment and operation, retail, and overseas business. After an initial failure in international trading, Mitsui built up a domestic trading network and secured several government and military contracts. SMBC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). In the mid-1860s, Mitsui switched its allegiance to rebel Meiji forces from the failing Tokugawa government, which had repeatedly levied costly tax assessments against the company. In doing so it became the first Sumitomo division to go public. For more information on SMBC, please visit SMFG's website at www.smfg.co.jp/english.
Furthermore, Nakamigawa died in 1901, leaving the directorship to his rival and predecessor, Takashi Masuda. This exchange began a slow, steady expansion after its appointment as the Tokugawa government's fiscal agent in Osaka. Triodos Fair Share Fund (is owned by Legal Owner Triodos Funds B.V.)Triodos Fair Share Fund, established in 2002 in the Netherlands, is one of the first and few funds worldwide that offers the opportunity to invest in microfinance institutions and SME banks to the general public. In June 1997 Morikawa replaced Tatsumi as chairman, and Yoshifumi Nishikawa was appointed president. Principal Subsidiaries: SMBC Staff Service Co. Ltd.; SMBC Learning Support Co. Ltd.; SMBC Center Service Co. Ltd.; SMBC Total Maintenance Co. Ltd.; Sumitomo Mitsui Card Company Ltd. (46.9%); SMBC Loan Advisor Co. Ltd.; Sakura Card Co. Ltd. (68.5%); The Japan Net Bank (57%); Sansei Guarantee Co. Ltd.; SMBC Leasing Company Ltd. (37.5%); SMBC Capital Co. Ltd. (39.8%); SMBC Mortgage Co. Ltd. (47%); SMBC Business Servicing Co. Ltd.; Sakura Investment Management Co. Ltd.; The Wakashio Bank Ltd.; Manufacturers Bank (U.S.A.); Sumitomo Mitsui Banking Corporation of Canada; Banco Sumitomo Mitsui Brasileiro S.A. (Brazil); PT Bank Sumitomo Mitsui Indonesia; Sumitomo Mitsui Finanz GmbH (Germany); SMBC Financial Services Inc. (U.S.A.); SMBC Capital Markets Ltd. (U.K.); Sakura Finance Australia Ltd.; Sakura Merchant Bank Ltd. (Singapore).
Japan's economy worsened, leaving many companies in the retail, distribution, construction, and real estate industries unable to pay back loans. Hotta entrusted Isoda with responsibility for rehabilitating Ataka. In October 1990 Isoda resigned as chairman, taking personal responsibility for the bank's involvement in a stock manipulation scandal centering around Itoman & Co., an Osaka-based trading company with longstanding ties to the Sumitomo group. Between 1916 and 1918 the bank established branch offices in San Francisco, Shanghai, Bombay, New York, and London, and an affiliate, the Sumitomo Bank of Hawaii. Kyubei Tanaka, who succeeded Yanagi in 1965, was himself succeeded in 1968 by Goro Koyama. Just as the FSA reported that the major banks were financially sound, however, Japan's four largest banks reported a combined loss of $22.7 billion in 2002. Trouble came for Komatsu the following year, when reports of friction among bank divisions and depressed earnings led the board of directors to replace him as president with Sotoo Tatsumi. The company also looked to increase its earnings by promoting operational efficiency and by revamping certain business practices. Privacy Policy, Baker, Gerard, "Sumitomo Bank Posts £1.8bn Loss in Wake of Bad Debts,", Brauchli, Marcus W., and Masayoshi Kanabayashi, "Exit of Sumitomo Chief Marks End of Era,", Brenner, Brian, "Will This Mr. Fix-It Really Fix Japan's Banks?,", Chandler, Clay, "The Bank That Broke with Convention,", ------, "Sumitomo Bank Selects President in Bid to Surmount Troubled Past,", "Japan's Sumitomo, Sakura Banks Merge to Form Sumitomo Mitsui,", Karmin, Craig, "Goldman Gets Jump with Japanese Banks,", "Mitsui Taiyo Kobe to Be Renamed Sakura Bank,", Neff, Robert, and William Glasgall, "An $8 Billion Write-off--And a Celebration,", Rowley, Anthony, "Japan Battling to Hold Off Implosion,", Sapsford, Jathon, "Japan's Banks to Begin Signing Up for an Injection of Public Money,", ------, "Japan's Latest Bank Plan Buoys Credit Hopes,", ------, "Sumitomo, Daiwa Venture Looks Abroad,", Shale, Tony, "Sumitomo's Dangerous Liaisons,", Shirouzu, Norihiko, "More Banks in Japan Implicated in Scandal,", Shreeve, Gavin, "Asia: Long Wait Till Springtime,", "Sumitomo, Sakura to Move up Merger by One Year,", Tanzer, Andrew, "'The Other Banks Feel Threatened,'", Tett, Gillian, "Sakura Bank Seeks Y300bn from Partners,". Satoh was made chairman in 1959 and was succeeded as president by Masuo Yanagi, a career Mitsui employee, who in 1961 initiated an effort to control the bank's lending activities more efficiently. But the bank benefited greatly from its privileged position in government. Triodos Sustainable Finance FoundationTriodos Sustainable Finance Foundation aims to finance initiatives that accelerate sustainable development worldwide, with a focus on inclusive finance. In November Sumitomo announced that it would apply for such an injection. Amid Japan's bank reform, SMBC worked to integrate both Sakura and Sumitomo into one cohesive unit. A relaxation in industrial laws in 1949, and again in 1952, permitted the former Sumitomo companies not only to conduct business with each other, but also to resume use of the Sumitomo name and cross-ownership of stock. The bailout program eased fears about bank failures and appeared likely to counter the cautious business lending stance adopted by many Japanese banks.
In January 1993, meantime, Sumitomo made the unprecedented move of writing off ¥100 billion ($895 million) in bad loans, a number of them related to the Itoman affair.
In addition, much of the bank's business was concentrated in the Kansai area around Osaka, leaving Tokyo and Yokohama, both rapidly growing markets, mostly unexploited by Sumitomo.
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