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 edit
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 edit
Notes edit
- ^ "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 edit
- Nussbaum, Louis-Frédéric and Käthe Roth. (2005). Japan encyclopedia. Cambridge: Harvard University Press. ISBN 978-0-674-01753-5; OCLC 58053128
External links edit
- 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