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BUSINESS
October 8, 1990 | SAM JAMESON, TIMES STAFF WRITER
Ichiro Isoda, 77, one of Japan's best-known bankers, announced on Sunday that he will resign as chairman of Sumitomo Bank to assume moral responsibility for a scandal involving loans that a Sumitomo branch manager illegally arranged for stock price manipulation. Sotoo Tatsumi, 67, the bank's president, also said he intends to resign, but Isoda said Tatsumi would stay on for the time being.
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BUSINESS
July 28, 1998 | From Bloomberg News
Sumitomo Bank Ltd. and Daiwa Securities Co.--Japan's second-largest bank and brokerage--may combine their capital market and corporate client units in a joint venture, a Sumitomo Bank official said. The companies will meet the press today to discuss their plans, a Daiwa Securities spokesman said. The directors of Osaka-based Sumitomo Bank have not made a formal decision on the joint venture and will discuss it at a meeting today, the bank official said.
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BUSINESS
December 5, 1997 | Reuters
Sumitomo Bank Ltd. of Japan is seeking a buyer for its California retail banking unit, the Asian Wall Street Journal has reported. The newspaper said Sumitomo Bank has commissioned U.S. investment banking firm Goldman, Sachs & Co. to find a buyer for San Francisco-based Sumitomo Bank of California. Goldman has already approached several California banks to gauge their interest, the newspaper reported. A sale could be worth up to $1 billion, it said.
BUSINESS
June 27, 1998 | VALERIE REITMAN, TIMES STAFF WRITER
In what appears to be a government-sponsored bailout, Sumitomo Trust & Banking Co. said Friday it plans to take over the ailing Long-Term Credit Bank of Japan, which had been struggling to survive amid bad loans and sagging investor confidence. The deal would reportedly create the second-largest bank in Japan and avert what some analysts think might otherwise have been Japan's largest corporate failure since World War II.
NEWS
July 21, 1991 | MIKE WARD, TIMES STAFF WRITER
City officials have scuttled a trip to New York City after receiving assurances that Pomona can obtain a low interest rate on a $50-million redevelopment bond issue without sending a sales team to Wall Street. A 10-member city delegation, including the mayor and four council members, had planned to fly to New York July 28 to meet with officials from Sumitomo Bank and Standard & Poor's Corp., a credit-rating firm.
BUSINESS
July 24, 1991 | SAM JAMESON, TIMES STAFF WRITER
Another financial institution linked to Japan's business elite had its reputation sullied further Tuesday as six people were arrested in a scandal involving illegal stock transactions and nearly $300 million in fraudulent art deals. Among those arrested was Yoshihiko Kawamura, 66, the former president of Itoman, an ailing trading company that has been kept alive by loans from Sumitomo Bank.
BUSINESS
January 30, 1996 | From Associated Press
Scandal-plagued Daiwa Bank Ltd. has agreed to sell most of its outstanding loans and bank offices in the United States to Sumitomo Bank Ltd. for about $3.37 billion. As part of the sale, Sumitomo is paying $65 million for Daiwa commercial bank branches in 15 U.S. cities, including Los Angeles and San Francisco, and nearly all of the Daiwa Bank Trust Co. subsidiary. Sumitomo is paying the remaining $3.
BUSINESS
July 28, 1998 | From Bloomberg News
Sumitomo Bank Ltd. and Daiwa Securities Co.--Japan's second-largest bank and brokerage--may combine their capital market and corporate client units in a joint venture, a Sumitomo Bank official said. The companies will meet the press today to discuss their plans, a Daiwa Securities spokesman said. The directors of Osaka-based Sumitomo Bank have not made a formal decision on the joint venture and will discuss it at a meeting today, the bank official said.
BUSINESS
January 30, 1995 | Times Staff and Wire Reports
Sumitomo Bank to Post $2.8-Billion Loss: Sumitomo Bank earned a dubious distinction in saying it would become the first major Japanese bank to post a loss in five decades. Sumitomo, the country's biggest commercial bank in asset terms at end-September, 1994, said it would post a $2.8-billion loss in the current business year as it scrambles to write off a huge backlog of bad loans.
BUSINESS
December 5, 1997 | Reuters
Sumitomo Bank Ltd. of Japan is seeking a buyer for its California retail banking unit, the Asian Wall Street Journal has reported. The newspaper said Sumitomo Bank has commissioned U.S. investment banking firm Goldman, Sachs & Co. to find a buyer for San Francisco-based Sumitomo Bank of California. Goldman has already approached several California banks to gauge their interest, the newspaper reported. A sale could be worth up to $1 billion, it said.
BUSINESS
November 13, 1997 | Greg Johnson
Sumitomo Bank of California said Wednesday it is conducting an "in-depth" review of its Latino and African American advertising services. The review is slated to be completed before the end of the year. The company said it would focus on "agency strategic planning skills, advertising effectiveness and creativity, and community involvement in California." Torrance-based Saatchi & Saatchi Pacific handles general market advertising for Sumitomo, the nation's sixth-largest bank with $5.
BUSINESS
March 8, 1997 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Sumitomo Bank of California this week announced a $1-billion community investment campaign, but a statewide coalition of minority and low-income groups immediately criticized the program on Friday as a "recycling of bad faith" that echoed promises the bank made in 1993. San Francisco-based Sumitomo, which has been criticized by community groups for inadequate lending to blacks and Latinos, on Thursday announced plans to expand a 10-year commitment to Community Reinvestment Act goals.
BUSINESS
November 1, 1996 | EVELYN IRITANI, TIMES STAFF WRITER
Japan's giant Sumitomo Bank was accused Thursday of exporting discriminatory hiring and lending practices to its California subsidiary that have favored people of Japanese descent and hurt African Americans and Latinos. The Greenlining Institute, a San Francisco-based public advocacy group, said the world's second-largest bank has the worst record of any major California bank in its treatment of racial minorities within and outside the bank.
BUSINESS
July 4, 1996 | From Reuters
The fall of Sumitomo Corp.'s top copper trader, which led to the current copper trading scandal, showed that the speculative funds are now the real power in commodity markets with the weight to overwhelm any "Mr. Big." Ironically, say commodity analysts, the cash-rich funds that sold copper and smashed Sumitomo trader Yasuo Hamanaka's trading position in early June might, back in 1993, have rescued him from earlier, deep trouble. At that time they were buyers.
BUSINESS
January 30, 1996 | From Associated Press
Scandal-plagued Daiwa Bank Ltd. has agreed to sell most of its outstanding loans and bank offices in the United States to Sumitomo Bank Ltd. for about $3.37 billion. As part of the sale, Sumitomo is paying $65 million for Daiwa commercial bank branches in 15 U.S. cities, including Los Angeles and San Francisco, and nearly all of the Daiwa Bank Trust Co. subsidiary. Sumitomo is paying the remaining $3.
BUSINESS
November 13, 1997 | Greg Johnson
Sumitomo Bank of California said Wednesday it is conducting an "in-depth" review of its Latino and African American advertising services. The review is slated to be completed before the end of the year. The company said it would focus on "agency strategic planning skills, advertising effectiveness and creativity, and community involvement in California." Torrance-based Saatchi & Saatchi Pacific handles general market advertising for Sumitomo, the nation's sixth-largest bank with $5.
BUSINESS
August 31, 1991 | From Times Staff and Wire Reports
Japanese Bank Chiefs Give Ritualized Apologies: Three Japanese bank chiefs performed ritualized apologies before a parliamentary panel for their banks' roles in a web of scandals. But their remarkably similar words rang hollow to some analysts who had hoped for fundamental changes. The apologies from Yo Kurasawa, president of Industrial Bank of Japan Ltd.; Toru Hashimoto, president of Fuji Bank Ltd., and Sotoo Tatsumi, president of Sumitomo Bank Ltd.
BUSINESS
December 16, 1995 | Times Staff and Wire Reports
Sumitomo Doesn't Want Daiwa's N.Y., L.A. Offices: Sumitomo Bank Ltd. said it plans to acquire most of Daiwa Bank Ltd.'s 17 U.S. branches but won't buy the scandal-ridden bank's New York operations, where $1.1 billion in trading losses led to Daiwa's expulsion from the United States.
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