Daiwa Bank
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Resona Holdings headquarters in Koto, Tokyo, Japan
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| Public K.K. | |
| Traded as | : |
| Industry | Banking |
| Founded | 1918 (as the Osaka Nomura Bank) |
| Headquarters | Koto, Tokyo, Japan |
| Website | www |
Resona Holdings, Inc. (株式会社りそなホールディングス Kabushiki-gaisha Risona Hōrudingusu?) (: ) is the holding company of Resona Group (りそなグループ Risona Gurūpu?), the fifth-largest banking group in Japan as of 2012.
Resona Holdings is headquartered in the Kiba area of Koto, Tokyo. The main operating entities of the group are Resona Bank, a nationwide corporate and retail bank headquartered in Osaka, and Saitama Resona Bank, a smaller bank headquartered in Saitama City which primarily serves Saitama Prefecture. Most of these banks' operations are descended from Daiwa Bank and Asahi Bank, which merged in 2003.
Resona was formed as the Osaka Nomura Bank in 1918. This entity served as the financing arm of the Nomura zaibatsu founded by Tokushichi Nomura. Its securities brokerage operation separated in 1926 to form Nomura Securities, now Japan's largest securities company. The bank was renamed Nomura Bank in 1927 and became the main bank for the Osaka Prefecture government in 1929, immediately following the .
The Nomura zaibatsu was dissolved in the wake of World War II, and the bank was renamed to The Daiwa Bank in 1948. It was one of the only major banks that offered both banking and trust services during the postwar era.
In 1995, a New York-based Daiwa bond trader, Toshihide Iguchi, lost $1.1 billion speculating in the bond market and was charged with forgery and falsification of bank records. The bank was criminally indicted in November 1995 and ordered to leave the U.S. market; in the wake of this incident, there were talks of a merger between Daiwa and Sumitomo Bank, which would have created the world's largest bank at the time. Daiwa closed its United States operations in 1996, and eventually pulled out of overseas banking entirely in 1998.
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