Sumitomo Bank

Sumitomo Bank

 

one of the largest commercial banks in Japan. It is a lending center of the Sumitomo financial and industrial group.

The Sumitomo Bank was founded in 1895 as the Kichizaemon Sumitomo banking house, with capital of 1 million yen. In 1948 it was renamed the Bank of Osaka, and in 1952 it reverted to its former name. Its headquarters are in Osaka. As of Mar. 31, 1975, the bank’s capital totaled 66 billion yen ($225 million).

In the early I970’s, the Sumitomo Bank was first among Japanese commercial banks in deposits, loans (calculated on a per-employee and per-branch basis), and profits. It is a leading bank in Japan’s clearing operations. It has 183 branches in the country and 11 branches and agencies abroad, as well as the subsidiaries Sumitomo Bank of California and Sumitomo Bank of Brazil. The Sumitomo Bank of Brazil maintains correspondent relationships with the Bank for Foreign Trade of the USSR and with banks of other socialist countries.

The total balance of the bank as of Mar. 31, 1975, was 8,920 billion yen ($30.3 billion), with deposits of 5,765 billion yen ($19.6 billion), loans of 5,052 billion yen ($17.1 billion), acceptances and guaranties of 1,178 billion yen ($4 billion), and securities of 908 billion yen ($3.1 billion).

B. I. SERGEEV

References in periodicals archive ?
Sumitomo Bank, which merged with Sakura Bank to form SMBC in April 2001, was accused of evading tax by abusing a foreign tax deduction system that it applied on some overseas transactions in 1991 and 1992.
said its policyholders would be able to link up with the automated teller machines of Sumitomo Bank as of July.
Breslin was the seller of the subject property and Firestone, the purchaser, was represented by Joseph Daniels and Sumitomo Bank Leasing & Finance, Inc.
now the parent of Polygram Filmed Entertainment, will this week repay $260 million off-balance sheet film financing owed to Sumitomo Bank and ING Baring in the latest sign PFE's production activities will end up staying at Seagram's Universal Studios.
Founders' current preferred shareholders include the Arco Foundation of California, Bank-America Capitol Investments, Interinsurance Exchange, Automobile Club of Southern California, State Farm Companies Foundation, Sumitomo Bank of California, Citicorp North America and Shell Community Financing Co.
Moving to stabilize its domestic operations, the Tokyo-based parent of Sumitomo Bank of California is soliciting buyers for the state's fifth-biggest banking company.
Tax authorities on Friday appealed a ruling that revoked their imposition of 300 million yen in additional taxes and penalties on Sumitomo Bank in connection with loans it extended to foreign firms.
Members of the alliance are Sanwa Bank California, Glendale Federal Bank, Union Bank of California, Coast Federal Bank, Sumitomo Bank, Bay View Federal Bank of San Francisco and CU Cooperative Systems Inc.
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.
9 million square-foot office-and-retail complex has attracted such major tenants as the American Institute of certified Public Accountants, The Bank of Tokyo, Sumitomo Bank, SeaLand and Mitsui O.
The Osaka District Court on Friday revoked tax authorities' 1995 imposition of 300 million yen in additional taxes and penalties on Sumitomo Bank in connection with loans it extended to foreign firms, saying the taxation was illegal.
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