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 Mitsubishi, DIFC-Dubai has been renamed MUFG Bank, Ltd., DIFC Branch -- Dubai.
* The Bank of Tokyo Mitsubishi, Bahrain has been renamed MUFG Bank, Ltd., Bahrain Branch
This facility also gives flexibility to Bank of Tokyo customers to avail themselves of Security Bank's premium cash management system service like real time customs duties payments and online collection facility while maintaining their global core funds with the Japanese bank.
The rating is based on the support provided by an irrevocable direct-pay letter of credit (LOC) issued by The Bank of Tokyo-Mitsubishi UFJ, LTD., acting through its New York Branch (Bank of Tokyo, rated 'A/F1', Stable Outlook) which has a stated expiration date of Feb.
The Samruk-Kazyna Kazakh National Welfare Fund has signed a five-year syndicated term loan facility worth $1.5 billion.
 The Bank of Tokyo Mitsubishi UFJ Ltd., a member of the MUFG Group, was mandated as the sole coordinator, bookrunner and mandated lead arranger on the facility in this debut transaction for the borrower.
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.J.
The Bank of Tokyo, Japan's largest and the eighth largest in the world, has operated an office in ystanbul since 1986, but Monday's report suggested that the bank will secure a banking license, make a $300 million initial investment in its Turkish coffers and seek avenues for its investment in Turkey's fast-growing economy.
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.
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 $1.8 trillion in assets internationally.
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.

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