Suruga Bank Ltd. severed its ties with its founding family after recovering its remaining loans to the family and affiliated business, The Nikkei reported Feb. 14.
Suruga Bank recalled ¥43 billion worth of loans to the Okano family, which ran the regional bank since its establishment in 1895. In late 2019, the family sold its entire 13.5% stake in the bank to electronics chain Nojima Corp. in a ¥14.08 billion deal. The Okano family was seen as a factor contributing to scandals that hit the bank in 2018, prompting its retreat from active management.
In October 2018, Japan's Financial Services Agency As of Feb. 13, US$1 was equivalent to ¥109.84.
As of Feb. 13, US$1 was equivalent to ¥109.84.