November 23, 1998 |
Fleet Financial Group Inc. agreed to buy Sanwa Bank Ltd.'s U.S. finance company for more than $700 million, three people familiar with the transaction said. Boston-based Fleet, New England's biggest bank, is expected to make an announcement Monday. Sanwa Business Credit has $6.5 billion in assets and earned $61 million last year. Sanwa, Japan's fourth-largest bank, bought the company, formerly Continental Illinois Leasing Co.
November 21, 1998 |
Fleet Financial Corp. is close to buying Sanwa Bank's U.S. commercial finance operations for up to $750 million in a move to broaden its geographical reach, sources said. The Boston-based banking company seeks to buy Sanwa Business Credit, a Chicago-based unit of Japan's Sanwa that provides equipment leasing and secured loans, the sources said, adding an agreement could be announced over the weekend. Officials at Fleet and Sanwa declined to comment.
November 6, 1998 |
Sanwa Bank Ltd., Japan's fourth-largest lender, will stop extending loans to non-Japanese corporate customers overseas and close six of its 11 branches in the U.S. and Europe by March, the bank said. In the U.S., Sanwa plans to shutter all but its New York and Los Angeles branches. The bank will keep sales offices in Houston, Chicago and San Francisco. In Europe, it will keep its London, Brussels and Dusseldorf, Germany, branches.
August 7, 1993 |
Japan's Sanwa Bank Ltd. wants to increase its presence in California by buying a big bank with hundreds of branches, a top executive said in an interview. "That is our ultimate target," Masahiro Yoda, a Sanwa managing director, said in an interview with Reuters. Yoda said Sanwa, the world's fourth-biggest banking company, would like to triple its assets in the state to about $20 billion and have 500 branches, compared to about 100 now.