The Sumitomo Bank, Limited (株式会社住友銀行) was a major Japanese bank, founded 1895 in Osaka and a central component of the Sumitomo Group. For much of the 20th century it was one of the largest Japanese banks, together with Dai-Ichi Bank, Mitsubishi Bank, Mitsui Bank, and Yasuda / Fuji Bank.[1] In 1948, it was renamed Osaka Bank, but reverted to Sumitomo Bank in 1952.
On 2001/04/01, Sumitomo Bank merged with Sakura Bank to form Sumitomo Mitsui Banking Corporation.
History
Sumitomo Bank was established as a private enterprise in November 1895 and reorganized as a limited company with 15 million yen of capital in March 1912.[2] It opened overseas branches during the World War I era as the Sumitomo zaibatsu business became more international.[3] By 1929, Sumitomo Bank had 8 offices outside of Japan and its colonies, more than any of its commercial banking peers though less than the Yokohama Specie Bank, Bank of Chōsen and Bank of Taiwan for which foreign trade was part of a public-interest mandate under special legislation.[4]
After World War II, the Sumitomo group was dismantled and its constituent companies were forbidden from using the Sumitomo name, triggering the rebranding to Osaka Bank that was however reversed in 1952. Sumitomo was the main bank for several major Japanese manufacturers during the early postwar era, including NEC and Panasonic
Notable alumni
- Daizo Kusuda, member of the House of Representatives
- Ichiro Miyashita, member of the House of Representatives
References
- David A. Alhadeff. Bank-Business Conglomerates - the Japanese Experience Quarterly Review of Economics and Finance, 1975^
- History Sumitomo Mitsui Banking Corporation, retrieved 7 April 2015^
- Sumitomo Mitsui Banking Corporation