Saitama Bank
Saitama Bank is a Japanese bank founded in Saitama Prefecture 1943. After a series of bank mergers and corporate restructuring, the Saitama Resona Bank emerged as the leading bank in Saitama Prefecture.History
The head office of Saitama Bank was located in Urawa, Saitama with more than 170 branches in Japan. Overseas branches included Singapore, London, New York, Hong Kong and Brussels.
In 1990, the bank's financial instability was revealed. Its directors were alleged to have mismanaged corporate assets and breached fiduciary duties by purchasing a large block of stock in a Japanese manufacturing company at what were grossly inflated prices.
In 1991, Kyowa Bank and Saitama Bank merged to form one of the world's largest banks with deposits totaling about $177 billion. This was construed as triggering reorganization of Japan's banking industry. In 1992, the combined banks were renamed Asahi Bank; and this bank merged with Daiwa Bank in 2002.
In 2002, corporate restructuring established Resona Holdings and the Saitama Resona Bank.
