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21-476: JTSB is a joint venture between Resona Bank and Sumitomo Mitsui Trust Holdings , and acts as a subcontracted trustee for both banks to hold their customers' assets, which include pension fund and investment trust assets. Its main competitors are The Master Trust Bank of Japan (controlled by Mitsubishi UFJ Financial Group and Nippon Life Insurance ) and Trust & Custody Services Bank (controlled by Mizuho Financial Group ). JTSB's SWIFT (ISO 9362) code

42-548: A 9-bank merger in May 1945 to consolidate various savings banks that served Japanese individuals around the end of World War II. During the immediate postwar era, rapid inflation threatened the bank's business. In 1948, it was converted to an ordinary bank named Kyowa Bank ( 協和銀行 ) . Kyowa merged with Saitama Bank ( 埼玉銀行 ) in 1991 to form Kyowa Saitama Bank ( 協和埼玉銀行 ) , renamed Asahi Bank ( あさひ銀行 ) in 1992. Asahi entered into merger talks with Sanwa Bank and Tokai Bank , and

63-501: A plan to, over the next 10 years, return to the government ¥868 billion of the ¥3 trillion in public funds it has received. Hosoya died in November 2012. Resona introduced two new full-time employee career tracks in 2015: one "no overtime" track for employees seeking better work-life balance, and another track for employees who wish to remain in a single position for their entire career. These policies were unique among Japanese banks at

84-743: A share swap transaction, forming the fifth-largest banking group in Japan. The company was renamed Resona Holdings, Inc. on 1 October 2002. Daiwa and Asahi consolidated operations on 1 March 2003, with most of their assets combined to form Resona Bank. 100 Asahi Bank branches in Saitama and three branches in Tokyo were moved to a separate entity, Saitama Resona Bank. In early 2003 the Resona Group's capital adequacy ratio fell dangerously low. The bank had proposed to maintain its capital adequacy ratio above

105-976: Is JTSBJPJT. In July 2020 JTSB merged with the Trust & Custody Services Bank to form Custody Bank of Japan . JTSB was established on June 20, 2000, by Daiwa Bank and Sumitomo Trust & Banking Co., Ltd. and began operations on July 25, 2000. Sumitomo Trust transferred part of its trust business and other assets to JTSB in October 2000, and Daiwa followed suit in June 2001. The Mitsui Trust Financial Group invested in JTSB in 2002 and transferred some of its trust operations to JTSB in 2003. Daiwa merged with Asahi Bank in 2003 to form Resona Bank, and Sumitomo Trust merged with Chuo Mitsui Trust Holdings in April 2011 to form Sumitomo Mitsui Trust Holdings. In 2014, Toyota announced

126-756: Is the holding company of Resona Group ( りそなグループ , Risona Gurūpu ) , the fifth-largest banking group in Japan as of 2012. It is headquartered in the Kiba area of Koto, Tokyo . The main operating entities of the group are Resona Bank , a nationwide corporate and retail bank headquartered in Osaka , and Saitama Resona Bank , a smaller bank headquartered in Saitama City which primarily serves Saitama Prefecture . Most of these banks' operations are descended from Daiwa Bank and Asahi Bank , which merged in 2003. Resona

147-447: The 1929 stock market crash . The Nomura zaibatsu was dissolved in the wake of World War II, and the bank was renamed to The Daiwa Bank in 1948. It was one of the only major banks that offered both banking and trust services during the postwar era. In 1995, a New York-based Daiwa bond trader, Toshihide Iguchi , lost $ 1.1 billion speculating in the bond market and was charged with forgery and falsification of bank records. The bank

168-621: The Yokohama Specie Bank , Bank of Chōsen and Bank of Taiwan for which foreign trade was part of a public-interest mandate under special legislation. After World War II, the Sumitomo group was dismantled and its constituent companies were forbidden from using the Sumitomo name, triggering the rebranding to Osaka Bank that was however reversed in 1952. Sumitomo was the main bank for several major Japanese manufacturers during

189-490: The appointment to head Resona, saying in a news conference held on 30 May 2003, "I decided to accept the offer as I realized that stabilizing the financial system is the highest priority for the Japanese economy ." Under Hosoya, the bank's new management immediately set about to reduce Resona's non-performing loans (NPLs). In 2004, the company managed to turn a profit of ¥386 billion. As a result, Resona's management announced

210-418: The bank, since the government emerged as the company's majority shareholder, holding 68.25% of voting rights of the holding company, while the holdings of existing shareholders were greatly diluted. The existing management was sacked and a new management was installed. Former Resona Chairman Eiji Hosoya is credited with leading the bank's revival following the 2003 bailout. Hosoya initially resisted taking

231-558: The early postwar era, including NEC and Panasonic (Matsushita). In the 1970s, it lost nearly $ 1 billion in the restructuring of Osaka-based general trading company Ataka & Co. , which, combined with the contemporaneous bailout of Mazda , had a major impact on Sumitomo's finances, driving it down from the most profitable bank in Japan to being only ninth-ranked. However, the Ataka and Mazda bailouts enhanced Sumitomo's industry reputation by showing its dedication to customers. It became

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252-400: The entire country's financial system, since the other major banks were also counting on deferred tax assets to maintain their capital adequacy ratios. On 17 May 2003, the Japan government decided to inject 1.96 trillion yen in public funds into the Resona Group through Resona Bank. This move, through the share exchange agreement between the bank and the holding company, effectively nationalized

273-577: The establishment of a foundation to support development and environmental protection in the automotive industry, which was to be funded by dividends from a pool of 30 million Toyota shares sold to JTSB for one yen per share. This Asian bank-related article is a stub . You can help Misplaced Pages by expanding it . This article about a Japanese corporation- or company-related topic is a stub . You can help Misplaced Pages by expanding it . Resona Bank Resona Holdings, Inc. ( 株式会社りそなホールディングス , Kabushiki-gaisha Risona Hōrudingusu ) ( TYO : 8308 )

294-477: The largest Japanese bank by deposits until the merger of Dai-Ichi Bank and Nippon Kangyo Bank to form Dai-Ichi Kangyo Bank . In 1986, Sumitomo merged with Heiwa Sogo Bank in order to expand its presence in the Tokyo area. In the same year, it acquired 12.5% of Goldman Sachs . Sumitomo incurred major losses during the collapse of the Japanese asset price bubble in the 1990s. In 1993, it wrote off 100 billion yen in bad loans, and in 1994 its Nagoya branch manager

315-452: The legal limit by factoring in deferred tax assets. However, the value of these deferred assets could only be claimed if the company turned a profit in the future. Because the bank's profit outlook was so dim, Resona's auditor refused to certify the company's financial statement if the deferred tax assets were included. Without being able to count the deferred tax assets, the bank was effectively insolvent. The Resona case threatened to cripple

336-576: The three banks announced a merger in 2001. The merger would have created the third-largest bank in the world behind Deutsche Bank and Mizuho Financial Group . However, Asahi pulled out of these talks later that year. The eventual Sanwa-Tokai merger formed UFJ Bank . Daiwa formed a bank holding company , Daiwa Bank Holdings , in December 2001 to serve as the parent entity of Daiwa, Kinki Osaka Bank and Nara Bank. Later that month, Daiwa announced that Asahi Bank would be acquired by Daiwa Bank Holdings in

357-482: The time of their introduction. Sumitomo Bank The Sumitomo Bank, Limited ( 株式会社住友銀行 , Kabushiki-gaisha Sumitomo Ginkō ) was a major Japanese bank, founded 1895 in Osaka and a central component of the Sumitomo Group . For much of the 20th century it was one of the largest Japanese banks, together with Dai-Ichi Bank , Mitsubishi Bank , Mitsui Bank , and Yasuda / Fuji Bank . In 1948, it

378-401: Was criminally indicted in November 1995 and ordered to leave the U.S. market; in the wake of this incident, there were talks of a merger between Daiwa and Sumitomo Bank , which would have created the world's largest bank at the time. Daiwa closed its United States operations in 1996, and eventually pulled out of overseas banking entirely in 1998. Japan Saving Bank ( 日本貯蓄銀行 ) was formed by

399-590: Was formed as the Osaka Nomura Bank in 1918. This entity served as the financing arm of the Nomura zaibatsu founded by Tokushichi Nomura . Its securities brokerage operation separated in 1925 to form Nomura Securities , now Japan's largest securities company. The bank was renamed Nomura Bank in 1927 and became the main bank for the Osaka Prefecture government in 1929, immediately following

420-585: Was murdered in possible connection with a bad debt collection. In 1995, it posted the first net loss of a major Japanese bank in the postwar era. It sold Sumitomo Bank of California, the sixth-largest bank in California, at a steep discount to Zions Bancorporation in 1998 (SBC is now part of California Bank and Trust ). In 1999, amid intensifying competition as other Japanese and foreign banks consolidated, Sumitomo announced its merger with Sakura Bank to form Sumitomo Mitsui Banking Corporation . The merger

441-692: Was renamed Osaka Bank , but reverted to Sumitomo Bank in 1952. On 1 April 2001, Sumitomo Bank merged with Sakura Bank to form Sumitomo Mitsui Banking Corporation . Sumitomo Bank was established as a private enterprise in November 1895 and reorganized as a limited company with 15 million yen of capital in March 1912. It opened overseas branches during the World War I era as the Sumitomo zaibatsu business became more international. By 1929, Sumitomo Bank had 8 offices outside of Japan and its colonies, more than any of its commercial banking peers though less than

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