Sumitomo Mitsui Banking Corporation History

Company Perspectives:

Our mission is to provide optimum added value to our customers and together with them achieve growth; to create sustainable shareholder value through business growth; and to provide a challenging and professionally rewarding work environment for our dedicated employees.

Key Dates:

1876:

Mitsui Bank incorporates.

1895:

Sumitomo Bank is established.

1943:

Mitsui Bank merges with Dai-Ichi Bank to form Teikoku Bank.

1948:

Sumitomo Bank is reorganized as the Bank of Osaka.

1952:

A relaxation in industrial laws allows for the reemergence of the Sumitomo Bank.

1954:

Teikoku Bank reverts to its former name, Mitsui Bank.

1965:

Kawachi Bank merges with Sumitomo Bank.

1968:

Mitsui Bank merges with Toto Bank.

1986:

Sumitomo Bank makes a 12.5 percent investment in Goldman, Sachs & Co.

1990:

Taiyo Kobe Bank merges with Mitsui to form Mitsui Taiyo Kobe Bank.

1992:

Mitsui Bank changes its name to Sakura Bank.

1996:

Japan announces a major reform of its financial sector.

2001:

Sakura merges with Sumitomo Bank to form Sumitomo Mitsui Banking Corporation.

Company History:

Further Reading:

• Baker, Gerard, "Sumitomo Bank Posts £1.8bn Loss in Wake of Bad Debts," Financial Times, January 28, 1995, pp. 1, 18.
• Brauchli, Marcus W., and Masayoshi Kanabayashi, "Exit of Sumitomo Chief Marks End of Era," Wall Street Journal, October 15, 1990, p. A12.
• Brenner, Brian, "Will This Mr. Fix-It Really Fix Japan's Banks?," Business Week, October 14, 2002, p. 146.
• Chandler, Clay, "The Bank That Broke with Convention," Financial Times, May 26, 1995, p. 24.
• ------, "Sumitomo Bank Selects President in Bid to Surmount Troubled Past," Wall Street Journal, April 29, 1993, p. A10.
• The Eighty-Year History of the Mitsui Bank, Tokyo: Mitsui Bank, 1957.
• "Japan's Sumitomo, Sakura Banks Merge to Form Sumitomo Mitsui," Asia Pulse News, April 2, 2001.
• Karmin, Craig, "Goldman Gets Jump with Japanese Banks," Wall Street Journal, March 26, 1998, p. B13.
• The Mitsui Bank: A History of the First 100 Years, Tokyo: Mitsui Bank, 1976.
• "Mitsui Taiyo Kobe to Be Renamed Sakura Bank," Japan Economic Journal, May 18, 1991, p. 32.
• Neff, Robert, and William Glasgall, "An $8 Billion Write-off--And a Celebration," Business Week, February 13, 1995, p. 56.
• Rowley, Anthony, "Japan Battling to Hold Off Implosion," Banker, July 2002, p. 176.
• Sapsford, Jathon, "Japan's Banks to Begin Signing Up for an Injection of Public Money," Wall Street Journal, November 17, 1998, p. A17.
• ------, "Japan's Latest Bank Plan Buoys Credit Hopes," Wall Street Journal, October 8, 1998, pp. A11, A13.
• ------, "Sumitomo, Daiwa Venture Looks Abroad," Wall Street Journal, July 29, 1998, p. A11.
• Shale, Tony, "Sumitomo's Dangerous Liaisons," Euromoney, December 1990, pp. 16+.
• Shirouzu, Norihiko, "More Banks in Japan Implicated in Scandal," Wall Street Journal, February 17, 1998, p. A14.
• Shreeve, Gavin, "Asia: Long Wait Till Springtime," Banker, March 1, 1992.
• "Sumitomo, Sakura to Move up Merger by One Year," Xinhua News Agency, April 21, 2000.
• Tanzer, Andrew, "'The Other Banks Feel Threatened,'" Forbes, October 2, 1989, pp. 80+.
• Tett, Gillian, "Sakura Bank Seeks Y300bn from Partners," Financial Times (London), September 1, 1998, p. 25.

Source: International Directory of Company Histories, Vol. 51. St. James Press, 2003.

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