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- Sakura merged with The Sumitomo Bank on April 1, 2001, forming the Sumitomo Mitsui Banking Corporation.
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Sumitomo Bank was a major Japanese bank founded in 1895; while Sakura Bank was a descendant of Mitsui Bank, another major Japanese bank founded in 1876, but with operations dating back to 1683, when the Tokugawa Shogunate granted Mitsui Takatoshi permission to act as a money changer.
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Sumitomo Bank and Sakura Bank signed a basic agreement on a full partnership and integration plan and held a joint press conference on October 14, 1999. The two banks made public their intent to execute the merger plan by April 2002 for full integration on an equal footing.
The Sumitomo Bank, Limited (株式会社住友銀行, Kabushiki-gaisha Sumitomo Ginkō) was a major Japanese bank based in Osaka and a central component of the Sumitomo Group. It merged with Sakura Bank on April 1, 2001, to form Sumitomo Mitsui Banking Corporation .
The Sumitomo family established Sumitomo Bank in Osaka with the capitalization of one million yen.
Sakura merged with The Sumitomo Bank on April 1, 2001, forming the Sumitomo Mitsui Banking Corporation. The merger was approved in June 2000 and combined Sakura's strong retail operation and eastern Japan presence with Sumitomo's strong wholesale operation and western Japan presence. [ 2 ]
In 2001, Sakura Bank and Sumitomo Bank merged into Sumitomo Mitsui Banking Corporation. The business base was expanded in order to provide the most valuable services to customers by adding new functions such as consumer finance and securities, after the transition to a holding company structure in the following year.
Jan 1, 2022 · Mitsui Bank and Taiyo Kobe Bank merged into Mitsui Taiyo Kobe Bank, which changed its name to Sakura Bank in April 1992. The establishment made a new start as a top-ranked city bank. The bank was looking to increase its earning capacity.
