Sumitomo Bank [Stock] - Sumitomo Bank

Japanese: 住友銀行[株] - すみともぎんこう

A former major city bank. Founded in 1895 as a financing institution for the Besshi Copper Mine, it was reorganized as a joint-stock company in 1912. As a typical industrial bank, it provided a high proportion of loans to Sumitomo-affiliated companies (see Sumitomo Zaibatsu), and was known for its solid management. It merged with Ikeda Jitsugyo Bank and Hannan Bank in 1945, Kawachi Bank in 1965, and Heiwa Mutual Bank in 1986. It had an excellent overseas strategy, having opened branches in the United States (San Francisco and Hawaii) before other banks. It was also the core bank of the Sumitomo Group Hakusui-kai, known for its rational management, which was called the Sumitomo Commercial Code. Bad loans swelled after the collapse of the bubble economy, and the government introduced about 500 billion yen in public funds in March 1999. It merged with Sakura Bank in April 2001 to become Sumitomo Mitsui Banking Corporation.
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Source : Heibonsha Encyclopedia About MyPedia Information

Japanese:

旧大手都市銀行。1895年別子(べっし)銅山の資金供給機関として設立，1912年株式会社に改組。典型的な産業銀行として住友系企業（住友財閥参照）への融資の比重がきわめて高く，堅実な経営で知られた。1945年池田実業，阪南の２銀行，1965年河内銀行，1986年平和相互銀行を合併。他行に先駆けて米国（サンフランシスコ，ハワイ）に支店を出すなど海外戦略がすぐれていた。また住友商法と呼ばれるような合理的な経営で知られる住友グループ白水会の中核銀行であった。バブル崩壊で不良債権がふくらみ，1999年３月政府による公的資金約5000億円を導入。2001年４月，さくら銀行と合併，三井住友銀行となる。
→関連項目近畿銀行［株］｜住金物産［株］｜大昭和製紙［株］｜大和証券グループ本社［株］｜日本総合研究所［株］

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