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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
October 3, 1991 | From Times Staff and Wire Reports
CB Commercial Restructuring: CB Commercial Real Estate Group Inc., struggling with debt from its leveraged buyout, announced a restructuring that will reduce interest payments to Sumitomo Bank Ltd., its chief lender; cut executive pay, and slash shareholder dividends by millions of dollars. Jim Didion, chairman and chief executive of the Los Angeles-based brokerage, said the restructuring will help it cope with the real estate slump, which has left it with a negative net worth of $56.
ENTERTAINMENT
April 14, 1989 | ALEENE MacMINN, Arts and entertainment reports from The Times, national and international news services and the nation's press
Four Japanese organizations have contributed $1.4 million to underwrite six one-hour PBS programs on "Nature Perfected." The series, due on PBS in the fall of 1990, "will explore the old world and the new, shed light and information on a variety of cultures, and examine how gardens have epitomized humanity's place in the natural and universal order." The contributors: Seibu Saison Group, Sumitomo Bank Ltd., Suntory Corp. and the Japan Assn. for the International Garden and Greenery Exposition.
BUSINESS
July 30, 1998
Sumitomo Bank of California shareholders approved a $546-million takeover by Zions Bancorp of Salt Lake City, according to the San Francisco-based unit of Japan's Sumitomo Bank Ltd. Zions agreed in March to buy Sumitomo's shares for $38.25 each. It also agreed to pay $32.26 a share for the Japanese parent's 85% stake. The transaction was controversial when it was announced in March because Zions was to buy the troubled bank for 24% less than its market price.
ENTERTAINMENT
April 12, 1989 | ALEENE MacMINN, Arts and entertainment reports from The Times, national and international news services and the nation's press
Four Japanese organizations have contributed $1.4 million to underwrite six one-hour PBS programs on "Nature Perfected." The series, due on PBS in the fall of 1990, "will explore the old world and the new, shed light and information on a variety of cultures, and examine how gardens have epitomized humanity's place in the natural and universal order." The contributors: Seibu Saison Group, Sumitomo Bank Ltd., Suntory Corp. and the Japan Assn. for the International Garden and Greenery Exposition.
BUSINESS
July 29, 1998
* Japan's second-largest brokerage, Daiwa Securities Co., and its second-largest commercial bank, Sumitomo Bank Ltd., announced a strategic alliance under which they will set up joint ventures this year in three investment banking areas. Daiwa Securities will also set up a holding company on April 1 that will own seven units, including the three joint ventures with Sumitomo. * Merck & Co.
BUSINESS
February 6, 1996 | Times Staff and Wire Reports
Daiwa Wants Judge to Decide Case: The Osaka, Japan-based bank, waiving a right to a jury trial, said it wants a U.S. judge to decide whether the bank is guilty of concealing a $1.1-billion trading loss at its New York branch from U.S. banking regulators. In court papers, Daiwa said it will forgo a trial by a 12-member jury in favor of letting U.S. District Judge Kimba Wood determine its fate.
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