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Sumitomo Mitsui Banking Corporation (SMBC) was formed by the merger of The Sumitomo Bank and Sakura Bank in April 2001. 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 ...
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.
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.
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.
Sakura Bank and Sumitomo Bank also shifted toward a merger based on the principle of “together establishing a new financial business providing customers with higher value-added products and services.”
Oct 14, 1999 · The deal between Sumitomo and Sakura, currently the country's third- and fifth-largest banks in terms of assets, according to Reuters, will create a bank with assets of more than $900 billion.
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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 .
