Saitama Bank
From Wikipedia, the free encyclopedia
From Wikipedia, the free encyclopedia
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]
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]
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