Saitama Bank
Encyclopedia
is a Japan
ese bank
founded in Saitama Prefecture
1943. After a series of bank mergers and corporate restructuring, the emerged as the leading bank in Saitama Prefecture
.
with more than 170 branches in Japan. Overseas branches included Singapore, London, New York, Hong Kong and Brussels.
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.
In 1991, Kyowa Bank and Saitama Bank merged to form one of the world's largest banks with deposits totaling about $177 billion. This was construed as triggering reorganization of Japan's banking industry. In 1992, the combined banks were renamed Asahi Bank; and this bank merged with Daiwa Bank in 2002.
In 2002, corporate restructuring established Resona Holdings
and the Saitama Resona Bank.
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
ese bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
founded in Saitama Prefecture
Saitama Prefecture
is a prefecture of Japan located in the Kantō region of the island of Honshu. The capital is the city of Saitama.This prefecture is part of the Greater Tokyo Area, and most of Saitama's cities can be described as suburbs of Tokyo, to which a large amount of residents commute each day.- History...
1943. After a series of bank mergers and corporate restructuring, the emerged as the leading bank in Saitama Prefecture
Saitama Prefecture
is a prefecture of Japan located in the Kantō region of the island of Honshu. The capital is the city of Saitama.This prefecture is part of the Greater Tokyo Area, and most of Saitama's cities can be described as suburbs of Tokyo, to which a large amount of residents commute each day.- History...
.
History
The head office of Saitama Bank was located in Urawa, SaitamaUrawa, Saitama
was a city in Saitama Prefecture, Japan, until it merged into the city of Saitama together with two other cities, Omiya and Yono, on May 1, 2001. In 2003, the former area of Urawa became Urawa-ku, Midori-ku, Minami-ku, and Sakura-ku, which are wards of the city of Saitama...
with more than 170 branches in Japan. Overseas branches included Singapore, London, New York, Hong Kong and Brussels.
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.
In 1991, Kyowa Bank and Saitama Bank merged to form one of the world's largest banks with deposits totaling about $177 billion. This was construed as triggering reorganization of Japan's banking industry. In 1992, the combined banks were renamed Asahi Bank; and this bank merged with Daiwa Bank in 2002.
In 2002, corporate restructuring established Resona Holdings
Resona Holdings
is the holding company of , the fourth-largest banking group in Japan.The company was originally established on December 12, 2001 as Daiwa Bank Holdings, Inc., the result of the consolidation of Daiwa Bank, Kinki Osaka Bank, and Nara Bank...
and the Saitama Resona Bank.
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 DepartmentNew York State Banking DepartmentThe New York State Banking Department was created by the New York Legislature on April 15, 1851, with a chief officer to be known as the Superintendent...
, Saitama Bank, Ltd. - AGS Corporation