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{{Short description|Japanese bank active between 1895 and 2001}}
{{Use dmy dates|date=April 2022}}
[[File:SMBC_Osaka_head_office.jpg|300px|thumb|Former Sumitomo Bank headquarters in [[Nakanoshima]], Osaka, now an SMBC office]]
[[File:SMBC_Tokyo_Sales_Department.jpg|300px|thumb|Former Tokyo branch of Sumitomo Bank, now an SMBC office]]
{{nihongo|'''The Sumitomo Bank, Limited'''|株式会社住友銀行|Kabushiki-gaisha Sumitomo Ginkō}} was a major [[Japan]]ese bank based in [[Osaka]] and a central component of the [[Sumitomo Group]]. It merged with [[Sakura Bank]] on April 1, 2001, to form [[Sumitomo Mitsui Banking Corporation]].
==History==
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In 1986, Sumitomo merged with Heiwa Sogo Bank in order to expand its presence in the Tokyo area. In the same year, it acquired 12.5% of [[Goldman Sachs]].<ref name="rfb" />
Sumitomo incurred major losses during the collapse of the [[Japanese asset price bubble]] in the 1990s. In 1993, it wrote off 100 billion yen in bad loans, and in 1994 its Nagoya branch manager was murdered in possible connection with a bad debt collection. In 1995, it posted the first net loss of a major Japanese bank in the postwar era.<ref name="rfb" /> It sold Sumitomo Bank of California, the sixth-largest bank in California, at a steep discount to [[Zions Bancorporation]] in 1998 (SBC is now part of [[California Bank and Trust]]).<ref>{{cite news|last1=Vrana|first1=Debora|title=Sumitomo to Sell California Subsidiary to Utah Company|url=http://articles.latimes.com/1998/mar/26/business/fi-32782|accessdate=7 April 2015|date=26 March 1998}}</ref>
In 1999, amid intensifying competition as other Japanese and foreign banks consolidated, Sumitomo announced its merger with [[Sakura Bank]] to form [[Sumitomo Mitsui Banking Corporation]].<ref name="rfb" /> The merger was approved in June 2000 and combined Sakura's strong retail operation and eastern Japan presence with Sumitomo's strong wholesale operation and western Japan presence.<ref name="merger">{{cite web|title=STRATEGIC INTENT AND SUMITOMO MITSUI BANKING CORPORATION|url=http://www.smfg.co.jp/english/investor/library/annual/pdf/05_15_19_strategic.pdf|publisher=Sumitomo Mitsui Banking Corporation|accessdate=7 April 2015}}</ref> The merger created the world's third-largest banking group at the time, after [[Deutsche Bank]] and the pending merger that would form [[Mizuho Bank]].<ref>{{cite news|title=Japan Banks to Merge, With Wider Effects|url=https://www.nytimes.com/1999/10/15/business/international-business-japan-banks-to-merge-with-wider-effects.html|accessdate=7 April 2015|work=New York Times|date=15 October 1999}}</ref>
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[[Category:Banks established in 1895]]
[[Category:Banks disestablished in 2001]]
[[Category:2001 mergers and acquisitions]]
[[Category:Sumitomo Mitsui Financial Group]]
[[Category:Japanese companies established in 1895]]
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