Content deleted Content added
No edit summary |
m Spelling/grammar/punctuation/typographical correction |
||
| (17 intermediate revisions by 14 users not shown) | |||
Line 1:
{{Short description|Japanese bank active between 1895 and 2001}}
[[File:SMBC_Osaka_head_office.jpg|thumb|Former Sumitomo Bank headquarters in Osaka, now an SMBC office]]▼
{{Use dmy dates|date=April 2022}}
[[File:SMBC_Tokyo_Sales_Department.jpg|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 [[Japan]]ese bank based in [[Osaka]].▼
▲[[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==
Sumitomo Bank was established as a private enterprise in November 1895 and reorganized as a limited company with 15 million yen of capital in March 1912.<ref name="smbchist">{{cite web|title=History|url=http://www.smbc.co.jp/aboutus/english/profile/history.html|publisher=Sumitomo Mitsui Banking Corporation|accessdate=7 April 2015}}</ref> It opened numerous overseas branches during the World War I era as the Sumitomo ''[[zaibatsu]]'' business globalized.<ref name="rfb">{{cite web|title=Sumitomo Mitsui Banking Corporation|url=http://www.referenceforbusiness.com/history2/75/Sumitomo-Mitsui-Banking-Corporation.html|publisher=Reference for Business|accessdate=7 April 2015}}</ref>
After World War II, the [[Sumitomo Group|Sumitomo group]] was dismantled and its constituent companies were forbidden from using the Sumitomo name. The bank renamed itself '''Osaka Bank''' in October 1948.<ref name="rfb" /> In December 1952, its name was changed back to '''Sumitomo Bank'''.<ref name="smbchist"/> Sumitomo was the main bank for several major Japanese manufacturers during the early postwar era, including [[NEC]] and [[Panasonic]] (Matsushita).<ref name="rfb" />
In the 1970s, it lost nearly $1 billion in the restructuring of Osaka-based general trading company [[Ataka & Co.]], which, combined with the contemporaneous bailout of [[Mazda]], had a major impact on Sumitomo's finances, driving it down from the most profitable bank in Japan to being only ninth-ranked.<ref>{{cite news|last1=Oka|first1=Takashi|title=A positive management style takes root in Japan|url=http://www.csmonitor.com/1982/1224/122438.html|accessdate=7 April 2015|work=Christian Science Monitor|date=24 December 1982}}</ref> However, the Ataka and Mazda bailouts enhanced Sumitomo's industry reputation by showing its dedication to customers. It became the largest Japanese bank by deposits until the merger of Dai-Ichi Bank and Nippon Kangyo Bank to form [[Dai-Ichi Kangyo Bank]].<ref name="rfb" />
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>
Sumitomo's [[SWIFT code]] was "SMITJPJT."
==Notable alumni==
*[[Daizo Kusuda]], member of the House of Representatives
*[[Ichiro Miyashita]], member of the House of Representatives
==References==
{{reflist}}
{{Mitsui|state=autocollapse}}
{{Authority control}}
{{DEFAULTSORT:Sumitomo Bank}}
[[Category:Defunct banks of Japan]]
[[Category:Companies formerly listed on the Tokyo Stock Exchange]]
[[Category:Companies formerly listed on the London Stock Exchange]]
[[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]]
| |||