Bank of Tokyo

Bank of Tokyo


a specialized Japanese bank for international transactions; engaged in foreign exchange transactions.

The Bank of Tokyo was founded in December 1946 as a private commercial bank based on the semigovernmental foreign exchange Yokohama Specie Bank, which had existed from 1880 to 1946 (an eminent shareholder in the bank was Emperor Hirohito). During World War II (1939–45) the Yokohama Specie Bank participated in the issue of occupation yen in the territories seized by Japan.

Since 1946 the Bank of Tokyo has functioned as a commercial bank, but it has gradually shifted to the financing of foreign trade, promotion of the export of capital from Japan, and currency transactions. In 1954 the Bank of Tokyo was changed by law into the only specialized foreign exchange bank in the country. It became the financial agent of the government in international transactions and actively furthered the transformation of Japan into a creditor nation.

The Bank of Tokyo is closely related to the central issue Bank of Japan, and it has correspondent relations with most important foreign banks. In 1968 the Bank of Tokyo had 33 branches in Japan, 34 branches and 18 representatives abroad, subsidiary banks in the USA, France, and Brazil, and shares in the joint Japan-Iran Bank. On. Mar. 31, 1969, the Bank of Tokyo had a balance of 2.096 trillion yen ($5.8 billion), a balance of investments of 706 billion yen, acceptances of 522 billion yen, discounts and loans of 706 billion yen, and accounts in foreign currency totaling 600 billion yen.

References in periodicals archive ?
The Bank of Tokyo opened its representative office in Manila in 1953.
This latest expansion follows the addition of 100,274 s/f in mid-2012, with The Bank of Tokyo once again represented by Curtis Foster of Cushman & Wakefield's East Rutherford, N.
According to the Peruvian daily La Republica, Higuchi said Fujimori had $12,499,000 deposited in July 1990 to his personal account at the Bank of Tokyo, now part of Bank of Tokyo-Mitsubishi following a merger with Mitsubishi Bank, while he was president-elect.
Rather, he was a lawyer for the Bank of Tokyo and the Federal Reserve, Tom Gardner said.
Bank of Tokyo, a creditor of the company, alleged it agreed to extend credit to Globe based on financial statements prepared by the CPA firm.
The five banks--Mitsui Taiyo Kobe, Mitsubishi Bank of California, Sanwa Bank, Sumitomo Bank and the Bank of Tokyo (Union Bank)--have more than $37 billion in assets in California and $1.
Japanese financial leader Bank of Tokyo is against the debt restructuring deal announced on October 1 to help get government-owned coal mining company Solid Energy back on its feet, but may be forced to accept the deal anyway.
Kanari first entered the Bank of Tokyo in 1970 and became head of the New York branch office of the Bank of Tokyo-Mitsubishi in 1997.
Masato joined the Bank of Tokyo, BTMU's predecessor, in 1984 and has held a number of roles within the firm.