Word: sumitomos
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Citing Harvard's "academic knowledge" and "practical experience" in the study of international corporations, the Sumitomo Bank of Japan announced this week that it will endow a $1.5 million chair at the John F. Kennedy School of Government...
...bottom line is that America is an ebbing power in the banking world, with its mightiest institutions surpassed by behemoths in Japan and Europe. U.S. banks have simply been outmuscled abroad by their bigger, better- capitalized foreign competitors, like Sumitomo and Fuji of Japan, the Deutsche and Dresdner banks of Germany and such other rivals as Credit Lyonnais of France, Midland of Britain and Union Bank of Switzerland. A glance at a list of the world's largest banks gives a clear view of the winners and losers in the bruising battle. Of the world's 20 top banks...
Japanese banks are currently intensifying their focus on the European Community. Some 60 Japanese banks have European bases in London, and more will probably follow. Mini-headquarters are also being established on the Continent. Dai-Ichi Kangyo and Fuji Bank have offices in Munich; Sumitomo Bank, Sanwa Bank and the Bank of Tokyo are in Lisbon; and others have set up shop in Paris, Barcelona and Milan. The Japanese are likely to concentrate their activities in merchant banking and the bond markets...
...deserts of Saudi Arabia into gleaming futuristic cities. While Japanese banks widely expand in the U.S., foreign banks control less than 2 percent of the banking business in Japan, and Citicorp was reportedly blocked in its quest to acquire the bankrupt Heiwa Sogo Bank owing to inside influence. Sumitomo Bank, one of Japan's largest banks, acquired...
...believe high interest rates could dampen consumer spending. High rates and the depressed stock market could also discourage capital investment by Japanese corporations. Virtually all equity financing planned by major Japanese firms was suspended temporarily last week in an effort to prevent bogging down the market. Companies ranging from Sumitomo Metal Industries to Matsushita Electric Industrial postponed major plans to raise funds...