Saitama Bank Explained

is a Japanese bank founded in Saitama Prefecture 1943. After a series of bank mergers and corporate restructuring, the 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

• List of banks in Japan
• Dai-Ichi Kangyo Bank
• Kiyoshi IzawaGM,CBD

References

• Nussbaum, Louis-Frédéric and Käthe Roth. (2005). Japan encyclopedia. Cambridge: Harvard University Press. ; 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

Notes and References

1. http://www.r-i.co.jp/eng/body/cfp/news_release_C/2010/12/news_release_2010-C-1165_01.pdf "R&I Assigns A-: Saitama Resona Bank, Ltd. Sub-Bonds No. 2,"
2. Nussbaum, Louis-Frédéric. (2005). "Saitama Ginko" in .
3. Kristof, Kathy M. "Japanese Bank Wasted Assets, Suit Charges," Los Angeles Times (US). February 27, 1990; retrieved 2011-07-18
4. https://docs.google.com/viewer?a=v&q=cache:icwWPtcmWJcJ:ec.europa.eu/competition/mergers/cases/decisions/m69_en.pdf+saitama+bank&hl=en&gl=us&pid=bl&srcid=ADGEESjqyFOKyRj1cTzGL8lOWRWnMt9B1yc-woCMUWHOS_bwZVkFvIafxFHUs9L8G8KWiUTmQJnyXsN0_PgxWmm9Cqoq4Zeh-3s9XRv7K1e_k0JteTjDYV7p5CCnV7hgODxV8SDoQQRs&sig=AHIEtbTYCrGPvoD4KfeMX_dsn9zruedcRw "Merger Decision IV/M.69, Kyowa/Saitama Bank,"
5. https://www.nytimes.com/1990/11/14/business/company-news-japanese-banks-plan-merger.html "Japanese Banks Plan Merger,"
6. Europa. (2002). "Asahi Bank", in ; Asahi Bank; retrieved 2011-07-18
7. Resona Holdings, Major Group Companies; retrieved 2011-07-18