Sumitomo Mitsui Banking Corporation History

3-2, Marunouchi 1-Chrome
Tokyo 100-0005

Telephone: (03) 3282-5111
Fax: (03) 5512-4429

Public Company
Incorporated: 1876
Employees: 25,027
Total Assets: ¥102 trillion (2002)
Stock Exchanges: Tokyo Osaka Nagoya Sapporo London
Ticker Symbol: 8318
NAIC: 522110 Commercial Banking

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:

Mitsui Bank incorporates.
Sumitomo Bank is established.
Mitsui Bank merges with Dai-Ichi Bank to form Teikoku Bank.
Sumitomo Bank is reorganized as the Bank of Osaka.
A relaxation in industrial laws allows for the reemergence of the Sumitomo Bank.
Teikoku Bank reverts to its former name, Mitsui Bank.
Kawachi Bank merges with Sumitomo Bank.
Mitsui Bank merges with Toto Bank.
Sumitomo Bank makes a 12.5 percent investment in Goldman, Sachs & Co.
Taiyo Kobe Bank merges with Mitsui to form Mitsui Taiyo Kobe Bank.
Mitsui Bank changes its name to Sakura Bank.
Japan announces a major reform of its financial sector.
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.