Saitama Bank (埼玉銀行, Saitama ginkō) is a Japanese bank founded in Saitama Prefecture 1943. After a series of bank mergers and corporate restructuring, the Saitama Resona Bank (埼玉りそな銀行, Saitama risona ginkō) emerged as the leading bank in Saitama Prefecture. [1]
History
The head office of Saitama Bank was located in Urawa, Saitama with more than 170 branches in Japan. Overseas branches included Singapore, London, New York, Hong Kong and Brussels. [2]
In 1990, the bank's financial instability was revealed. Its directors were alleged to have mismanaged corporate assets and breached fiduciary duties by purchasing a large block of stock in a Japanese manufacturing company at what were grossly inflated prices. [3]
In 1991, Kyowa Bank and Saitama Bank merged to form one of the world's largest banks with deposits totaling about $177 billion. [4] This was construed as triggering reorganization of Japan's banking industry. [5] In 1992, the combined banks were renamed Asahi Bank; and this bank merged with Daiwa Bank in 2002. [6]
In 2002, corporate restructuring established Resona Holdings and the Saitama Resona Bank. [7]
See also
Notes
- ^ "R&I Assigns A-: Saitama Resona Bank, Ltd. Sub-Bonds No. 2,"[ permanent dead link] Rating and Investment Information (R&I, Japan). December 10, 2010.
- ^ Nussbaum, Louis-Frédéric. (2005). "Saitama Ginko" in Japan Encyclopedia, p. 808, p. 808, at Google Books.
- ^ Kristof, Kathy M. "Japanese Bank Wasted Assets, Suit Charges," Los Angeles Times (US). February 27, 1990; retrieved 2011-07-18
- ^ "Merger Decision IV/M.69, Kyowa/Saitama Bank," Commission of the European Communities (EU). 7 March 1991; retrieved 2011-07-18
- ^ "Japanese Banks Plan Merger," New York Times (US). November 14, 1990; "Bank Merger Wave Seen as 2 in Japan Agree to Join Forces," Los Angeles Times. November 14, 1990; retrieved 2011-07-18
- ^ Europa. (2002). "Asahi Bank", in Far East and Australasia 2003, p. 630, p. 630, at Google Books; Asahi Bank; retrieved 2011-07-18
- ^ Resona Holdings, Major Group Companies; retrieved 2011-07-18
References
- Nussbaum, Louis-Frédéric and Käthe Roth. (2005). Japan encyclopedia. Cambridge: Harvard University Press. ISBN 978-0-674-01753-5; OCLC 58053128
External links
- Resona Holdings, Inc.
- Wang v. Saitama Bank, United States Court of Appeals for the Ninth Circuit, July 25, 1991; 940 F2d 670
- New York State Banking Department, Saitama Bank, Ltd.
- AGS Corporation