Deregulation by default: Daiwa is Japan's first postwar universal bank
Article Abstract:
Japan's Finance Ministry permitted Daiwa Bank to merge with a failed brokerage firm, Cosmo Securities, on Aug 13, 1993. The merger was a part of the emergency bailout of Cosmo, which is based in Osaka, and flatly contradicted the ministry's assertion that saving bankrupt companies would not become a part of deregulation. The desire to protect the securities of the government-owned East Japan Railway Corp probably prompted the ministry's action. Daiwa thus becomes Japan's first universal bank.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Biting the hand: Japanese property magnate breaks with main bank
Article Abstract:
Azabu Building Chmn Kitaro Watanabe expelled five executives representing Mitsui Trust Corp due to conflicts in rebuilding the heavily indebted company. His move could lead several of Azabu'screditors to bankruptcy. Mitsui Trust now plans to seize 85% of the shares in the Azabu Building to serve as collateral for the latter's loans. Most of the other creditors are experiencing their own financial crises and could not afford to ignite conflicts with the erring company.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1993
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Unequal union
Article Abstract:
Hong Kong Bank's cashless purchase of Midland Bank PLC would result in the formation of one of the world's largest bank holding companies with assets of HK$1.9 trillion. The stock swap would also give Hong Kong Bank a foothold in the European financial market. Hong Kong Bank's currently owns 14.7% of Midland's stock and intends to purchase the remaining shares in a transaction worth 2.2 billion pounds sterling.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1992
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