What happened to Sumitomo Bank?
Sumitomo Bank, historically one of Japan's most prominent and powerful commercial banking institutions, underwent a monumental corporate transformation. After navigating decades of post-war growth, international expansion, and the financial fallout of the Japanese asset price bubble, Sumitomo Bank agreed to a historic merger with Sakura Bank. The completion of this multi-step consolidation formally created Sumitomo Mitsui Banking Corporation, unifying Sumitomo's strong wholesale operations with Sakura's extensive retail network to establish one of the largest financial services groups in the world.
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