Word: sumitomo
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...Kangyo is just one of a group of Japanese banks that have become the new behemoths of finance. In fact, the American Banker ranking showed that four of the top five banking companies are now Japanese firms. The others: Fuji Bank ($143 billion at the end of last year), Sumitomo Bank ($136 billion) and Mitsubishi Bank ($133 billion). All told, Japan had five of the top ten banking concerns and 13 of the largest 25. In 1980 none of the Japanese banks were in the top five, and only Dai-Ichi Kangyo ranked among the first...
...host to 38 Japanese banks, concentrated in New York and California. The California Street area of San Francisco, where Sumitomo, Mitsubishi, Mitsui Manufacturers and Bank of Tokyo Trust have offices, seems to be almost an extension of the Tokyo financial district. Moreover, the invaders are swallowing their competitors. San Francisco's Golden State Sanwa Bank will soon buy the California subsidiary of Britain's Lloyd's Bank for $263 million. When that happens, the Japanese will control four of the ten biggest banks in California...
...that is not really a yes, the small nuance of conversation that can never be written down. Comprehension comes because these leaders usually have the same roots of culture and class. Often, they have gone to the same elite schools and universities. Says Norishige Hasegawa, chairman of Sumitomo Chemical Co., as he points to his school necktie: "The old-school-tie system is not unique to Japan, but we do not have as many different schools as Western countries...
...Shipowners are nervously wondering what to do about the 373 uncompleted but already surplus supertankers they have on order at yards in Sweden, Japan, West Germany and Britain. Large-scale cancellations have been forestalled so far by stiff penalty clauses. But Shozo Doi, vice president of Japan's Sumitomo Shipbuilding Co., gloomily predicts that "about 50% of the tankers on order will become subject to cancellation talks or negotiations to convert to other types...
...corporate giving and get no tax exemption for it. So why the sudden generosity toward U.S. higher education? The motive seems to be one of enlightened self-interest: anything that improves Japan's image in the U.S. is not likely to hurt sales of Japanese goods. Says Sumitomo Executive Giichi Miyasaka: "The Americans get angry about the seemingly obtrusive attitude of the Japanese, but they have not made much effort to discover why the Japanese act like that." He hopes that expanded studies of Japan in the U.S. will help create more understanding and good will...